Luther Burbank Corporation

Luther Burbank Corporation

LBC

LBCLuther Burbank Corporation US flag

NASDAQ Global Select

9.15

USD

+0.05

- -

466.80MMarket Cap

Luther Burbank Corporation

LBC

(NASDAQ Global Select)

Recent

price

9.15

P/E

ratio

- -

div

yld

- -

ROIC.AI

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Business: Luther Burbank Corporation operates as the bank holding company for Luther Burbank Savings, providing a range of banking products and services primarily to real estate investors, professionals, entrepreneurs, depositors, and commercial businesses. Its core offerings include interest and noninterest-bearing transaction accounts, certificates of deposit, money market accounts, commercial real estate loans such as first mortgage loans for purchase, refinance, or tenant improvement build-outs on investor-owned multifamily residential properties, and loans for office, retail, and light industrial property purchases or improvements. The company also provides single-family residential loans, including a portfolio of 30-year fixed rate first mortgages and forgivable second mortgages designed to facilitate affordable homeownership. Additionally, it offers ATM, debit cards, online and mobile banking services, and engages in real estate investment and trust preferred securities issuance. Luther Burbank has operations primarily in California, Oregon, and Washington with multiple branches and lending offices in key metropolitan areas such as Santa Rosa, Los Angeles, San Francisco, San Jose, San Diego, and Seattle. Founded in 1983, the company is headquartered in Santa Rosa, California. In recent major developments, Luther Burbank Corporation was acquired by Washington Federal, Inc. (WaFd) in an all-stock transaction valued at approximately $654 million, completed on February 29, 2024. Under this merger, Luther Burbank shareholders received shares of Washington Federal stock, and the integration of systems and brand was finalized shortly thereafter, enabling Luther Burbank customers to access WaFd’s technology-enabled financial platform and expanded service offerings. This strategic acquisition expands WaFd’s footprint into California with the addition of 10 Luther Burbank full-service branches, enhancing its presence across nine western states. The transaction significantly increases the combined entity’s assets to roughly $29 billion, loans to $23 billion, and deposits to $22 billion. This strategic alliance reflects a major operational change for Luther Burbank, positioning it within a larger banking institution with broader geographic and service capabilities. The company previously enhanced its liquidity and capital position with a 34% increase in borrowing capacity to $2.3 billion and maintained a low nonperforming asset ratio before the acquisition, supporting its solid financial foundation leading into the merger. Overall, Luther Burbank Corporation functions as a specialized regional bank focused on real estate-secured lending and deposit services in the western United States, with comprehensive residential and commercial mortgage products and expanded banking services now integrated under the WaFd corporate umbrella following the 2024 acquisition.

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