Bank with Korean-American, SBA focus plans to go public

OP Bancorp, a Los Angeles bank that focuses on the Korean-American community, is looking to raise $20 million through an initial public offering.

The $901 million-asset parent of Open Bank filed its prospectus with the Securities and Exchange Commission on Monday. The company did not disclose when the offering would take place or how many shares will be sold.

OP has seven branches in the Los Angeles area, including three in Koreatown. It also has loan production offices in Atlanta, Dallas and Seattle that originate Small Business Administration loans.

The company plans to use net proceeds from the offering to fund organic growth. OP could also pursue acquisitions, particularly in ethnic communities that management believes will provide “attractive risk-adjusted returns,” the filing said.

Keefe, Bruyette & Woods is the offering's book-running manager. D.A. Davidson is the co-manager.

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A concrete boom pump pours concrete at the Sixth Street Viaduct replacement project in Los Angeles, California, U.S. on Tuesday, April 6, 2021. The Ribbon of Light is the name of the ten arches that will make up the new Sixth Street Viaduct connecting downtown L.A.'s Arts District with Boyle Heights. Photographer: Bing Guan/Bloomberg

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