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Sonoma County’s Luther Burbank Savings being sold to Washington Federal in $654 million deal

in Business

Santa Rosa-based Luther Burbank and its wholly-owned subsidiary, Luther Burbank Savings, is being acquired by Seattle-based Washington Federal in an all-stock transaction valued at approximately $654 million.

Conducting business mostly as Washington Federal Bank, as of Sept. 30, Washington Federal had total assets of $20.8 billion, total loans of $16.3 billion and total deposits of $16 billion with 201 branches in eight Western states.

California-chartered Luther Burbank Savings reported total assets of $7.9 billion, total loans of $6.9 billion and total deposits of $5.8 billion. It has 10 California branches, a branch in Washington, six loan production offices in California and one loan production office in Oregon.

Continue Reading on The Press Democrat

Sonoma State Bank earnings up 5% in Q3

in Business

Summit State Bank (Nasdaq: SSBI) reported third-quarter earnings were up 5% from the year before, partly attributed to “strong loan and deposit growth and net interest margin expansion.”

Net income for the quarter ended Sept. 30 were $3.98 million, or 59 cents per diluted share, up from $3.8 million a year before, according to the Santa Rosa-based bank holding company.

Continue Reading on North Bay Business Journal

‘Making a difference’: Santa Rosa’s Luther Burbank Savings completes 1,800 welfare-check calls to customers

in Business/News

Dollars and cents usually take center stage when a bank reports its quarterly results to investors.

But Wednesday’s investor relations call reporting the first-quarter results of Santa Rosa-based Luther Burbank took a different turn.

CEO and President Simone Lagomarsino said the pandemic inspired bank employees to make welfare checks of their customers — whose average age is 68.

That’s 40 employees calling more than 1,800 customers.

Continue Reading on The North Bay Business Journal

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