Luther Burbank Savings Secures $55,000 in AHEAD Grants to Benefit Pandemic Relief Projects

Rhea-AI Summary

Luther Burbank Corporation (NASDAQ: LBC) has been awarded $55,000 in grants by FHLBank San Francisco to support COVID-19 relief efforts. $30,000 will fund Catholic Charities' project to aid underserved households, while $25,000 will support Farm Lot 59's initiative to provide meals to vulnerable communities in Long Beach. CEO Simone Lagomarsino emphasized the importance of these funds for community resilience. FHLBank has disbursed a total of $1.9 million to 52 pandemic relief projects in 2020.

Positive

• Awarded $55,000 in grants for community support during COVID-19.
• Funding will directly benefit organizations aiding vulnerable populations, enhancing community relations.

Negative

• None.

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SANTA ROSA, Calif., Sept. 25, 2020 (GLOBE NEWSWIRE) -- Luther Burbank Corporation (“the Company”) (NASDAQ: LBC), the holding company for Luther Burbank Savings (the “Bank”), announced this week that it was awarded $55,000 in grants by FHLBank San Francisco (FHLBank) to benefit organizations tackling the challenges posed by COVID-19.

A $30,000 grant will be used to fund the Catholic Charities of the Diocese of Santa Rosa to support the COVID-19 Financial Stability for Underserved Households project. The goal of the project is to help mitigate the impact of COVID-19 on vulnerable households by providing immediate relief and financial stability to bolster resiliency.

Farm Lot 59, an organic urban farm helping those in need through their Farm to Family Program (FFP), will receive a $25,000 grant. With the restaurant industry in turmoil, Farm Lot 59 designed FFP to make the best use of their harvest to meet the immediate needs of their community. Together with renowned chef Eugene Santiago of Baryo, they have served hundreds of nutrient rich meals to the most vulnerable population in Long Beach.

Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank Corporation shared, “I am grateful that FHLBank recognized the immediate need for funds to be distributed in the communities we serve. Support of these vital programs is essential to their ongoing viability.”

The FHLBank awarded $1.9 million to 52 pandemic relief projects through their 2020 AHEAD grants. An additional $1.6 million was awarded to 45 economic development projects. “The ongoing pandemic is causing severe financial stress for many households in California,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased that our member, Luther Burbank Savings, is using the AHEAD Program to provide funding for two organizations providing immediate assistance to families and individuals in need.”

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 $7.2 billion, total loans of $6.3 billion and total deposits of $5.4 billion as of June 30, 2020.  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 eight 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. AHEAD grants are delivered through the Bank’s member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities. In response to the economic shocks caused by the COVID-19 crisis, FHLBank San Francisco added $2 million to its planned $1.5 million 2020 AHEAD Program funding allocation so that members could support a wide range of pandemic relief efforts along with targeted economic development initiatives.

About Catholic Charities of the Diocese of Santa Rosa

Catholic Charities is an independent 501(c)(3) nonprofit serving the counties of Sonoma, Napa, Mendocino, and Lake. The organization works to solve the challenges of poverty, hunger, and marginalization reaching over 20,000 men, women and children each year.

About Farm Lot 59

Farm Lot 59 is a 501(c)(3) nonprofit founded in Long Beach, CA in 2010. The organic, urban production farm services the local community as well as teaches an edible education. 

Contact: 
Luther Burbank Savings
Warren Harris
Senior Vice President, Fair and Responsible Banking Officer
310-606-8833

FAQ

What is the recent grant awarded to Luther Burbank Corporation (LBC)?

Luther Burbank Corporation was awarded $55,000 in grants by FHLBank San Francisco for COVID-19 relief.

How will the $30,000 grant benefit the community?

The $30,000 grant will fund Catholic Charities of the Diocese of Santa Rosa's project to support COVID-19 relief for underserved households.

What is the purpose of the $25,000 grant given to Farm Lot 59?

The $25,000 grant will support Farm Lot 59's Farm to Family Program, providing meals to vulnerable communities in Long Beach.

What is the total amount awarded by FHLBank for pandemic relief projects?

FHLBank has awarded a total of $1.9 million to 52 pandemic relief projects through its 2020 AHEAD grants.

Who is the CEO of Luther Burbank Corporation?

Simone Lagomarsino is the President and CEO of Luther Burbank Corporation.