Luther Burbank Corporation announced that, effective January 2, 2019, John G. Biggs, President and Chief Executive Officer, will retire from the company and Simone Lagomarsino will succeed him in both roles. At the effective time of the retirement, Mr. Biggs will also step down from the board of directors and his roles at all of the company's affiliates. The company also announced that Ms. Lagomarsino would join the boards of Luther Burbank Corporation and Luther Burbank Savings effective November 30, 2018.

To assist in the transition following Mr. Biggs retirement, he has agreed to serve the Company in an advisory role through the end of 2019. Ms. Lagomarsino was most recently President and CEO of the Western Bankers Association and a director of Pacific Premier Bancorp. Prior to those roles, Ms. Lagomarsino served as CEO of Heritage Oaks Bank, and President and CEO of Heritage Oaks Bancorp, headquartered in Paso Robles, California.

She also previously held executive positions with Hawthorne Financial Corporation, Ventura County National Bank, and Kinecta Federal Credit Union. Additionally, she currently serves on the board of directors of the Federal Home Loan Bank of San Francisco. In 2013, Ms. Lagomarsino was honored by the American Banker magazine as one of the top three community bankers in the country.