Open Bank (OPBK) in Los Angeles has raised $30 million in a private offering of common stock.
The $384 million-asset bank sold five million common shares at $6 each to institutional and other accredited investors.
"The additional capital will enhance our strategic capabilities to grow our franchise and support the needs of our customers," Min Kim, Open Bank's chief executive, said in a press release Monday.
The capital raise will increase the bank's tangible common equity to 14.8% of assets, from 8.5%, Kim said.
Keefe, Bruyette & Woods was the placement agent for the deal.
Open Bank has come under scrutiny from regulators in recent years. The Federal Deposit Insurance Corp. and California Department of Financial Institutions in 2012 lifted cease-and-desist orders against the bank, which addressed concerns about the bank's management, compliance and capital ratios.
The bank was established in 2005 under the name First Standard Bank. It changed its name in 2010, according to the FDIC website.
Open Bank operates five offices in the Los Angeles area, aimed at serving Korean-American customers. The bank plans to open an additional office in the city's Koreatown neighborhood this summer, it said in the release.