Luther Burbank Corporation Announces Closing of Initial Public Offering and Exercise of Underwriters' Over-Allotment Option

SANTA ROSA, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (NASDAQ:LBC) (“the Company”) announced today the closing of the initial public offering of its common stock. The Company sold 13,972,500 shares at a public offering price of $10.75 per share, including 1,822,500 shares of common stock subject to the underwriters’ over-allotment option, which was exercised in full. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $138.4 million.

Keefe, Bruyette & Woods, Inc. and Sandler O’Neill + Partners, L.P. acted as joint bookrunners for the offering. Piper Jaffray & Co. acted as a lead manager and D.A. Davidson & Co. acted as a co-manager.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (File No. 333-221455). The offering has been made solely by means of the written prospectus forming a part of the effective registration statement. Copies of the prospectus may be obtained from Keefe, Bruyette & Woods, Inc., A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, Attention: Equity Capital Markets, or by calling (800) 966-1559; or from Sandler O’Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, Attention: Syndicate, or by calling (866) 805-4128.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Luther Burbank Corporation

Luther Burbank Corporation is a bank holding company headquartered in Santa Rosa, California, which operates primarily through its wholly owned subsidiary, Luther Burbank Savings, a California-chartered bank. Luther Burbank Savings currently operates in California, Oregon and Washington, from nine branches in California and nine lending offices located throughout the market area. Luther Burbank Savings has developed specialized expertise in multifamily residential lending and in jumbo, nonconforming single family residential lending.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as ‘‘may,’’ ‘‘could,’’ ‘‘should,’’ ‘‘will,’’ ‘‘would,’’ ‘‘believe,’’ ‘‘anticipate,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘aim,’’ ‘‘intend,’’ ‘‘plan,’’ or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

Contact:
Investor Relations
Luther Burbank Savings
844-446-8201
investorrelations@lbsavings.com