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Luther Burbank Corp. prices IPO at $10.75 a share

Luther Burbank Corp. priced its IPO of 12,150,000 common shares at $10.75 apiece, which is expected to result in aggregate gross proceeds of roughly $130.6 million.

The net proceeds to the Santa Rosa, Calif.-based company are expected to be about $120.1 million.

The underwriters have a 30-day option to buy up to an additional 1,822,500 common shares at the initial offering price, which, if exercised in full, would result in additional gross proceeds of about $19.6 million, or net proceeds of roughly $18.3 million.

The shares are expected to start trading on the Nasdaq Global Select Market under the symbol LBC on Dec. 8.

Keefe Bruyette & Woods Inc. and Sandler O'Neill & Partners LP are acting as joint book runners for the offering, with Piper Jaffray & Co. serving as a lead manager and D.A. Davidson & Co. acting as a co-manager.