Luther Burbank announces systematic share repurchase plan
Luther Burbank announced it has adopted a systematic repurchase plan to facilitate the repurchase of shares as part of its previously authorized stock repurchase program. The plan enables shares to be purchased during an otherwise self-imposed blackout period between the fifteenth day of the last month of the quarter and the reporting of the company's financial results. The company had approximately $15M available under its outstanding repurchase authorization as of September 30. The plan is effective from December 17, until two days following the company's release of its year-end financial results. Repurchases are subject to SEC regulations as well as certain price, market, volume and timing constraints as defined in the plan. There can be no assurance as to the exact number, or aggregate value, of shares of common stock that may be repurchased by the company.