SANTA ROSA, Calif., September 20, 2021 (GLOBE NEWSWIRE) – Luther Burbank Corporation (NASDAQ: LBC), the holding company of Luther Burbank Savings, announced this week that it has received a $ 25,000 grant from FHLBank San Francisco (FHLBank) for the benefit of organizations promoting financial stability in communities across California.
The $ 25,000 grant will be used to fund the Rebuilding Together Capacity Building Award for low-income seniors who struggle to maintain their homes. As the costs of food, medicine, utilities and other basic needs rise, delays in home repairs can add to the financial burden on seniors and compromise the safety and soundness of the home. As the home continues to deteriorate, so does the dignity of the elderly; and they can turn to expensive or predatory loan options for help.
Simone Lagomarsino, President and CEO of Luther Burbank Corporation, said: âWe are proud to support Rebuilding Together by preserving homeownership for low income seniors and I am very grateful that FHLBank has recognized the need to distribute funds in the communities where we serve. “
FHLBank San Francisco has awarded $ 1.5 million to 60 projects under its 2021 AHEAD grants. âWe are delighted to support our member Luther Burbank Savings and their partner, Rebuilding Together, with AHEAD funding to help provide home repairs to vulnerable members of the community, âsaid Marietta NÃºÃ±ez, Senior Vice President and Head of Community Investments at FHLBank San Francisco. âThis program is a simple and practical solution to enable seniors and homeowners with disabilities to stay in their homes and be part of their community.
About Luther Burbank Corporation
Luther Burbank Corporation is a public company listed on the NASDAQ Capital Market under the symbol “LBC”. The company is headquartered in Santa Rosa, Calif., 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 fulfills its mission to improve the financial future of customers, employees and shareholders by providing banking services to individuals and businesses. It offers consumers a host of highly competitive deposit and mortgage products, coupled with personalized attention. Commercial customers benefit from boutique-quality service as well as access to products that meet their unique financial needs, the convenience of online and mobile banking, robust cash management solutions, and cash flow products. high yield liquidity management for multi-family and commercial real estate loans. Currently operating in California, Oregon and Washington, with ten branches in California, one branch in Washington, and seven lending offices located throughout the market area, Luther Burbank Savings is an equal mortgage lender. For more information, please visit lutherburbanksavings.com.
About FHLBank San Francisco
FHLBank San Francisco is a member-driven cooperative that helps 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 home ownership, expand access to quality housing and stimulate economic development. AHEAD grants are awarded annually and delivered through Bank member financial institutions to local community organizations for projects and programs that benefit low-income and underserved communities.
About rebuilding the City of Angels together
Rebuilding Together of City of the Angels (RTCOA), located in Los Angeles, California, is the newly formed subsidiary 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 essential home repairs free of charge. For more than 40 years, Rebuilding Together Inc. and its 120+ nationally active affiliates have worked alongside their business and community partners to transform the lives of low-income people, seniors, veterans and Canadians. families with children and owners. Each subsidiary of Rebuilding Together is an independent, local, 501C (3) not-for-profit organization with its own board of directors. This autonomy allows each Affiliate to uniquely meet the needs of their communities while maintaining and leveraging the tools, training and best practices related to the Rebuilding Together Inc. program to ensure that all work is done and completed as per. the highest standards. Each year, affiliates with corporate and community partners and nearly 100,000 volunteers carry out approximately 10,000 reconstruction projects.