SANTA ROSA, Calif., March 30, 2018 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (“the Company”) (NASDAQ:LBC), the holding company for Luther Burbank Savings (the “Bank”), announced today the June 2018 opening of a new, full-service branch of Luther Burbank Savings in Bellevue, Washington located at 200 108th Avenue NE.
John Biggs, President and Chief Executive Officer of Luther Burbank Corporation stated, “We are very pleased to have found an excellent location in Bellevue to continue our objective of geographic expansion in key strategic markets on the West Coast.”
Luther Burbank Savings currently has over $630 million in multifamily and single family loans in the Puget Sound area. Mr. Biggs continued, “We anticipate that our existing customers, as well as new customers, will recognize our commitment to delivering highly competitive loan and deposit products while providing unparalleled personal service.”
Bob McGrouther, Income Property Loan Officer, based in Bellevue commented, “For nearly a decade, as I have helped build Luther Burbank’s lending portfolio in the Pacific Northwest, I have been communicating to our customers the benefits of having a Luther Burbank branch in the area. I am looking forward to introducing our deposit products to the community.”
The Bellevue location will be the tenth branch of Luther Burbank Savings joining nine branches in California.
About Luther Burbank Corporation
Luther Burbank Corporation is a publicly owned company traded on the NASDAQ Capital Market under the symbol “LBC.” The Company is headquartered in Santa Rosa, California with total assets of $5.7 billion, total loans of $5.0 billion and total deposits of $4.0 billion as of December 31, 2017. It operates primarily through its wholly-owned subsidiary, Luther Burbank Savings, an FDIC insured, California-chartered bank. Luther Burbank Savings executes on its mission to improve the financial future of customers, employees and shareholders by providing personal banking and business banking services. It offers consumers a host of highly competitive depository and mortgage products coupled with personalized attention. Business customers benefit from boutique-quality service along with access to products which meet their unique financial needs from the convenience of online and mobile banking, robust cash management solutions, and high-yield liquidity management products to multifamily and commercial lending. Currently operating in California, Oregon and Washington, from nine branches in California and nine lending offices located throughout the market area, Luther Burbank Savings is an equal housing lender. For additional information, please visit lutherburbanksavings.com.
This communication contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. All statements contained in this communication that are not clearly historical in nature are forward-looking, and the words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "impact," "intend," "seek," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases are generally intended to identify forward-looking statements. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the "Risk Factors" referenced in our Registration Statement on Form S-1 and annual and quarterly reports filed with the Securities and Exchange Commission ("SEC"). The Company can give no assurance that any goal or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. These forward-looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.
Luther Burbank Savings
Source: Luther Burbank Corporation