First Choice Bank, in Cerritos, Calif., has raised $30 million from a secondary stock offering.
The $680 million-asset bank offered common stock at $15.50 per share in a public offering, which was completed on July 1. First Choice plans to use the proceeds for growth and expansion.
First Choice sold the stock to existing shareholders and to new institutional investors, Chairman Peter Hui said in a news release. The purchasers also included local community investors, according to Hovde Group, which was lead placement agent on the offering.
The law firm of Loren P. Hansen was legal counsel on the offering.