Luther Burbank, a California commercial bank focused on single and multifamily residential loans, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.
Another bank focused on CA residential loans, Sterling Bancorp (SBT), is scheduled to price its IPO during the week of November 20.
The Santa Rosa, CA-based company was founded in 1983 and booked $117 million in revenue for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol LBC. Luther Burbank filed confidentially on July 26, 2017. Keefe Bruyette Woods and Sandler O'Neill are the joint bookrunners on the deal. No pricing terms were disclosed.
