Sonoma County’s Luther Burbank Savings files for IPO

Vic Trione and John Biggs at Luther Burbank Savings at B and Third streets on Dec. 6, 2012. (Jeff Lee/The Press Democrat)

BILL SWINDELL,

Luther Burbank Savings, a Santa Rosa-based bank that has generated consistent profits for more than 30 years by prudent investments in West Coast rental markets, has filed papers for its first offering of publicly traded stock.

The company will be offering $150 million in equity that will be traded on the NASDAQ Global Select Market under the ticker symbol of “LBC.” The number of shares that will be offered and their price range has not been determined, but the small group of owners of the bank founded in 1983 will still retain control.

Company officials could not comment on the filing with the Securities and Exchange Commission because the federal agency imposes a blackout period after an IPO offering.

Bank Chairman Vic Trione, his brother Mark, and George Mancini, the company’s first president, are the shareholders in the bank. The SEC filing documents said that Trione family will still control more than 50 percent of outstanding stock following the offering.