Magazine : Archives : 3rd Quarter 2011

A Penny Saved Is A Penny Earned

Luther Burbank Savings’ CEO and President John Biggs has headed the company since the mid-1980s, but he didn’t have a secretary until a few months ago. “We type our own letters,’’ he explains. When he opens new branches, he designs them himself instead of hiring consultants. Setting up a toll-free line for the thrift, he excluded calls from outside California. “I don’t have any customers outside California,’’ he says. It’s all part of a culture of expense control that’s endemic to Luther Burbank’s culture, helping to make the Santa Rosa-based savings and loan with $3.5 billion in assets one of...