RBB Bancorp, an Asian-American bank in Los Angeles, is going public.
The $1.4 billion-asset company is planning to raise about $50 million through an initial public offering. A number of RBB investors, including CEO Alan Thian, are planning to sell another $21.4 million in stock.
Thian is planning to sell 100,000 shares, which would reduce his stake in the company from 8.4% to 6.6%, RBB disclosed in a registration statement tied to the offering. Other directors and their family members plan to sell 706,000 shares.
RBB said it will contribute about $25 million in net proceeds from the offering to its bank. The rest would be used for general corporate purposes such as acquisitions and other growth initiatives.
The bank, founded in 2008, initially focused on Chinese immigrants but has since widened its reach to include other Asian groups.