Koreatown-based bank Pacific City Financial Corp. filed documents with the Securities and Exchange Commission July 17 announcing plans for an initial public offering on Nasdaq. The bank plans to raise up to $50 million.
Pacific City Financial, which does business as Pacific City Bank, did not disclose in its S-1 registration statement with the SEC the number of shares it plans to sell or the price at which it plans to sell them.
The bank has $1.6 billion in assets, deposits of $1.4 billion, $1.2 billion in total loans and said in its filing its market capitalization was $147.2 million.
Pacific City had net income of $16.4 million in 2017, though it said in its S-1 filing it adjusted that number to $18 million due to “a deferred tax asset reevaluation” windfall as a result of the recent federal tax code overhaul. The company had 2016 net income of $14 million.
Pacific City primarily serves the Korean-American market in Southern California, with eight bank branches in Los Angeles County and three in Orange County. Pacific City has also recently expanded outside of the SoCal market with branches in New York and New Jersey.
Pacific City is third-largest Korean-American bank based on assets headquartered in the U.S. after Hope Bancorp Inc. (Bank of Hope), which has $14.5 billion in assets, and Hanmi Financial Corp. (Hanmi Bank), which has $5.3 billion in assets. Both Pacific City competitors are also based in Koreatown.
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