LOS ANGELES--(BUSINESS WIRE)--Pacific City Financial Corporation (“Pacific City”), the bank holding company for Pacific City Bank, today announced the launch of its initial public offering of shares of its common stock. Pacific City intends to offer 2,385,000 shares of its common stock. Pacific City also expects to grant the underwriters a 30-day option to purchase up to an additional 357,750 shares of its common stock. The initial public offering price is currently expected to be between $20.00 and $22.00 per share. In connection with the initial public offering, Pacific City intends to list its common stock on NASDAQ Global Market under the trading symbol “PCB.”
Pacific City intends to use the net proceeds from the proposed offering for general corporate purposes, including maintenance of its required regulatory capital, to support future organic growth and other strategic alternatives.
Keefe, Bruyette & Woods, A Stifel Company, Raymond James, and Sandler O’Neil + Partners, L.P. are acting as joint book-running managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, 4th Floor, New York, New York 10019, Attention: Equity Capital Markets, or by calling toll-free 1-800-966-1559, from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Attention Equity Capital Markets, or by calling (800)-248-8863, and from Sandler O'Neill + Partners, L.P., Attention: Syndicate, 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, by emailing syndicate@sandleroneill.com or by calling (866) 805-4128.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pacific City Financial Corporation
Pacific City is the bank holding company for Pacific City Bank, a $1.6 billion asset bank, offering a full suite of commercial banking services through its wholly owned subsidiary, Pacific City Bank, a California state chartered bank, to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.
