Pacific City Financial in Los Angeles has raised $15.3 million in a secondary stock offering.

The $1 billion-asset parent of Pacific City Bank issued 1.2 million shares of common stock at $12 per share in a private placement to accredited investors. The proceeds will be used for general corporate purposes that include supporting growth initiatives, the company said.

"This additional capital will elevate our capital levels and provide us with more capacity to grow our institution and support the needs of our customers," Chief Executive Haeyoung Cho said in a press release late last week.

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