Luther Burbank Savings Secures a $25,000 AHEAD Grant to Assist Seniors in Maintaining Their Homes

Rhea-AI Summary

Luther Burbank Corporation (NASDAQ: LBC) announced a $25,000 grant from FHLBank San Francisco to support Rebuilding Together, aiding low-income seniors in maintaining their homes. The funding addresses the increasing financial burdens faced by seniors due to rising costs of essentials, which can lead to unsafe living conditions. Simone Lagomarsino, CEO, expressed pride in aiding homeownership preservation for vulnerable populations. The FHLBank's AHEAD program allocated $1.5 million across 60 projects for community support.

Positive

• Secured a $25,000 grant from FHLBank San Francisco for community support.
• Aiding low-income seniors promotes goodwill and strengthens community ties.
• Aligns with mission to improve financial stability for customers and shareholders.

Negative

• None.

SANTA ROSA, Calif., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (NASDAQ: LBC), the holding company for Luther Burbank Savings, announced this week that it was awarded a $25,000 grant by FHLBank San Francisco (FHLBank) to benefit organizations promoting financial stability in communities throughout California.

The $25,000 grant will be used to fund Rebuilding Together’s capacity-building award for low-income seniors struggling to maintain their homes. As the costs of food, medicine, utilities and other essential needs increase, home repair delays can add to the financial burden of seniors and compromise the home’s safety and soundness. As the house continues to deteriorate, so does the dignity of the senior; and they may turn to high-cost or predatory loan options for assistance.

Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation shared, “We are proud to support Rebuilding Together in preserving homeownership for low-income seniors and I’m so grateful that FHLBank recognized the need for funds to be distributed in the communities we serve.”

The FHLBank San Francisco awarded $1.5 million to 60 projects through their 2021 AHEAD grants. “We are pleased to support our member Luther Burbank Savings and their partner, Rebuilding Together, with AHEAD funding to help provide home repairs to vulnerable community members,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “This program is a simple and practical solution for enabling seniors and disabled homeowners to stay in their homes and remain part of their communities.”

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 $7.3 billion, total loans of $6.4 billion and total deposits of $5.4 billion as of June 30, 2021. 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 ten branches in California, one branch in Washington and seven 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 strengthen communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions promote homeownership, expand access to quality housing, and boost economic development. AHEAD grants are awarded annually and delivered through the Bank’s member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities.

About Rebuilding Together of the City of Angels

Rebuilding Together of City of the Angels (RTCOA), located in Los Angeles, California, is the recently established affiliate of Rebuilding Together Inc., headquartered in Washington DC. Rebuilding Together Inc. is one of the nation’s leading non-profit organizations working to preserve affordable homeownership and revitalize communities by providing critical home repairs at no cost. For more than 40 years, Rebuilding Together Inc. and its 120+ active affiliates nationwide have worked alongside their corporate and community partners to transform the lives of low-moderate income, seniors, veterans, and families with children and homeowners. Each Rebuilding Together affiliate serves as an independent, local 501C(3) non-profit organization with its own board of directors. This autonomy enables each affiliate to uniquely serve their communities’ needs while maintaining and leveraging Rebuilding Together Inc. program-related tools, trainings, and best practices to ensure all work is performed and completed at the highest standards. Each year, the affiliates with its corporate and community partners and nearly 100,000 volunteers complete about 10,000 rebuild projects.

Contact
Bradley Satenberg
Investor Relations
(844) 446-8201
investorrelations@lbsavings.com

FAQ

What grant did Luther Burbank Corporation receive?

Luther Burbank Corporation received a $25,000 grant from FHLBank San Francisco.

How will the grant from FHLBank San Francisco be used?

The grant will fund Rebuilding Together’s efforts to help low-income seniors maintain their homes.

What is the purpose of the AHEAD grants by FHLBank?

AHEAD grants support projects that benefit lower-income and underserved communities.

What is the stock symbol for Luther Burbank Corporation?

The stock symbol for Luther Burbank Corporation is LBC.

When was the grant announcement made?

The grant announcement was made on September 20, 2021.