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Saturday, Feb 4, 2023

Pacific City Financial Completes $47.7 Million IPO

Pacific City Financial Corp. completed its initial public offering with the sale of 2.4 million shares on the Nasdaq at $20 per share, according to the bank, which began trading on Aug. 10.

Underwriters included Keefe, Bruyette & Woods, Inc. and Raymond James and Sandler O’Neill and Partners. Underwriters have a 30-day option to purchase up to 357,750 shares of the common stock at a discount.

Pacific City Financial Corp. reports it will use the proceeds from the IPO to “support future organic growth” and maintain its required regulatory capital. The state-chartered bank operates $1.6 billion in assets and caters predominantly to individuals, small to medium businesses and Korean-American communities in Southern California. According to recent Securities and Exchange Commission filings, Pacific City Bank deposited $1.2 billion in its first quarter this year between the 11 branches it operates in Southern California.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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