SANTA ROSA, Calif., Sept. 25, 2019 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (“the Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announced this week that it was awarded a $200,000 grant by FHLBank San Francisco (FHLBank) to benefit the Sonoma County Community Development Commission (CDC).
The grant will be used by the CDC to fund a project that will create a countywide, interactive affordable housing development map which will strategically inform future development within Sonoma County. The timing of this project’s funding is especially relevant in the wake of the 2017 wildfires which raged through the community.
Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation stated, “I am thrilled FHLBank recognized the value that successful completion of this project will bring to the residents of Sonoma County. Luther Burbank Savings was founded in Santa Rosa in 1983, this is our home and we believe sponsoring this important initiative will benefit the community for years to come.”
This is the first year that the FHLBank is awarding grants in the Economic Recovery and Resiliency category. “The Tubbs and Nuns fires had an especially devastating impact on the availability of affordable housing in Sonoma County, an area where it was already scarce,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased to be able to support this effort to ensure that redevelopment not only helps redress past housing inequities, but creates new opportunities for lower-income residents to access homeownership.”
“We are very excited for the opportunity to create a collaborative, user-friendly product that will engage residents and potential developers,” said CDC Executive Director Geoffrey Ross. “As part of our agency’s Equity in Housing Project, this interactive map is key to ensuring that Sonoma County’s housing recovery efforts are strategically developed in areas of high opportunity.”
Permit Sonoma and the Kaiser Permanente Foundation’s Community Benefit Grant have also confirmed their support for the project.
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 $7.1 billion, total loans of $6.3 billion and total deposits of $5.2 billion as of June 30, 2019. 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 real estate lending. Currently operating in California, Oregon and Washington, from nine branches in California, one branch in Washington and eight lending offices located throughout the market area, Luther Burbank Savings is an equal housing lender. For additional information, please visit lutherburbanksavings.com.
About FHLBank San Francisco
FHLBank San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources provided to member financial institutions foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. In 2019, FHLBank San Francisco awarded $781,250 in grants that will be used by local government agencies and nonprofit Economic Development Districts to launch targeted disaster recovery and resiliency initiatives in five communities affected by recent natural disasters: Butte County, Lake County, Shasta County, Sonoma County, and Yuba County. This year’s allocation of funds for disaster recovery and resilience grants is being administered through the Bank’s AHEAD Program, which provides grants for local economic development initiatives identified and sponsored by the Bank’s members.
About Sonoma County Community Development Commission
The Sonoma County Community Development Commission (CDC) is dedicated to creating homes for all in thriving and inclusive neighborhoods. Established in 1978 as the County’s public housing authority and Redevelopment Agency, the CDC is governed by its Board of Commissioners, which also functions as the County’s Board of Supervisors. Today, the CDC continues to serve as the County’s lead agency for housing and homelessness issues.
Luther Burbank Savings
Senior Vice President, Fair and Responsible Banking Officer
Source: Luther Burbank Corporation