News

McDermott & Bull and Client Luther Burbank Savings Announce the Placement of Tim Sorenson as Managing Director of Retail Residential Lending

IRVINE, California, January 12, 2016 – McDermott & Bull, a premier retained executive search firm, is pleased to announce the successful appointment of Mr. Tim Sorenson as Managing Director of Retail Residential Lending with Luther Burbank Savings.  Based in Santa Rosa, with offices throughout California, Luther Burbank is a distinguished top-5 multi-family lender throughout the state with more than $4 billion in assets.  The Bank specializes in exceptional, relationship-based real estate lending, with a focus on multi-family and residential mortgage lending.

This executive recruiting engagement was conducted by Brandon Biegenzahn, the Co-Chair of the Banking Practice, along with Michelle Davis, Associate Consultant, at McDermott & Bull Executive Search. According to Mr. Biegenzahn, “Tim has a proven track record, as well as the right DNA to build a high-performing business and leave a legacy.  He is perfectly positioned to ignite Luther Burbank’s retail residential lending business.”  Tim will report directly to Jason Pendergist, President of Luther Burbank Savings, and will own the P&L of Luther Burbank’s Retail Residential lending business.  Relying upon extensive knowledge and experience in mortgage banking, Tim will provide leadership towards building a residential lending business that is responsive to, and anticipatory of, the needs of consumers in the context of the greater market.

Tim joins Luther Burbank from Union Bank where he ran a 50-location territory within Southern California.  Tim started his career with a predecessor to Wachovia, and eventually managed a 300-person team overseeing Wachovia’s $2 billion mortgage business throughout California.  After Wachovia, and prior to his role with Union Bank, Tim ran JP Morgan’s “At-Work” organization in California.  Tim received his Bachelor of Arts degree in Political Science from California State University, Fullerton.

About Luther Burbank Savings

Luther Burbank Savings is a regional financial institution with a 30-year history and over $4 billion in assets. The Bank specializes in exceptional, relationship-based real estate lending, with a focus on multi-family and residential mortgage lending.  Luther Burbank is a top-5 multi-family lender in California.   In 2013, Luther Burbank started Luther Burbank Mortgage in order to service the residential mortgage market offering loans directly to homebuyers.  The Bank has opened home loan offices in key Southern California markets, including Newport Beach, Irvine, Santa Monica, and Del Mar   For further information about Luther Burbank Savings, please visit their website at www.lutherburbanksavings.com.  And for further information about Luther Burbank Mortgage, please visit their website at www.lbmtg.com.

About McDermott & Bull

McDermott & Bull, Inc. (www.mbsearch.com) is a retained executive search firm headquartered in Irvine, California.  The firm serves both public and privately held clients in a variety of industries and functional areas. McDermott & Bull specializes in recruiting difficult-to-find and critical senior level talent for its clients has developed expertise in a wide variety of fields, including Aviation & Aerospace, Banking & Financial Services, Consumer Products, Healthcare Services & Medical Devices, Leisure & Entertainment, Manufacturing & Operational Excellence, Private Equity, Real Estate & Construction, Restaurants & Food Services, Supply Chain, Logistics & Distribution, and Technology.

With backgrounds in the banking and financial services industry, Rod McDermott, Managing Partner, and Brandon Biegenzahn, Partner, lead and represent McDermott & Bull’s Banking & Financial Institutions Practice. Using their robust industry knowledge, Rod and Brandon partner with clients such as American River Bank, ANZ Bank, Bank of Marin, Bank of the Cascades, BNY Mellon, First American Trust, First Republic Bank, Luther Burbank Savings, Pacific Mercantile Bank, Plaza Bank, Santa Barbara Bank & Trust, Silvergate Bank, Sunwest Bank, Union Bank, and Washington Trust Bank to find C-level executives, including CEO, COO, President, CFO, Chief Banking Officer, Chief Risk Officer, Chief Information Officer, Compliance Leaders, HR Leaders, Retail Banking Executives, Trust and Wealth Management Leaders and Business Banking. To learn more about McDermott & Bull’s Banking and Financial Institutions Practice, please visit http://mbsearch.com/industry-expertise/banking-financial-services/.