Pacific City Financial in Calif. plans IPO
Pacific City Financial in Log Angeles is planning to go public.
The $1.6 billion-asset company said in a prospectus filed on Tuesday that it will aim to raise $50 million through an initial public offering. Pacific City, which largely serves the Korean-American community, did not disclose the number of shares it plans to sell or the pricing.
The company said it plans to use some of the proceeds to support balance sheet growth and to provide additional capital. The remaining proceeds could be used for general corporate purposes such as organic growth and other strategic initiatives.
Pacific City said it has no material acquisitions or de novo branch plans in the works.
Pacific City, formed in 2003, tapped a new leader earlier this year. Henry Kim, one of the bank’s founding members, succeeded Haeyoung Cho as CEO and president.
Keefe, Bruyette & Woods is the offering's sole book-running manager. Raymond James and Sandler O’Neill are co-managers.