Five Star Bancorp in Rancho Cordova, Calif., is planning an initial public offering.
The $2 billion-asset company said in a regulatory filing Friday that it has applied for the FSBC stock symbol. The filing did not disclose how many shares the company would sell or the expected price per share.
Five Star, which did not provide a timeline for the IPO, said it intends to use a portion of the net proceeds to fund a cash distribution to existing shareholders.
The company’s earnings increased 23% in 2020 from a year earlier, to $35.9 million. Its earnings have more than doubled over the past five years.
Five Star had $1.5 billion of loans and $1.8 billion of deposits on Dec. 31.
The company also noted that, as the end of 2020, it had made $264.8 million in Paycheck Protection Program loans to 1,124 customers. It estimated that 35% of those borrowers were new to the bank.
