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California banking: Luther Burbank files for a $150 million IPO

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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.

The article California banking: Luther Burbank files for a $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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