Luther Burbank Savings was founded in 1983 as a privately-owned bank in honor of Luther Burbank, a Santa Monica, California resident who put his stamp on the area by introducing over 800 varieties of flowers, as well as the most widely-cultivated potato in the U.S., the Russet Burbank Potato. Working from his legacy as a visionary, the bank focuses primarily on the growth and renewal of its customers, as opposed to creating a strong commitment to public stockholders.
The bank specializes in traditional real estate loans on all types of property, which are funded with local deposits. It is unique because it has never turned to alternative products, such as sub-prime loans, to reach a profit. It seems that its strategy is working well for the bank, as it is said to have posted profits for 300 consecutive months. It also is offers higher yields on CDs, Money Markets and Checking accounts than many other banks. It also ranks among the most productive banks in the country.
Many prospective customers love this bank because it often offers specials to its customers, such as a recent offer to take advantage of a 2.50% APY on a 6-month CD for California residents. It maintains a promise to take care of its customers, and it appears to be doing its job quite well.