Pacific City Financial, a California commercial bank primarily serving Korean-American communities, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering. The company's stock is currently quoted on the OTC Pink under PFCF.
OP Bankcorp, another California bank oriented towards serving Korean-American communities, raised $20 million during its March IPO and is currently trading up 19.6% from its offer price.
The Los Angeles, CA-based company was founded in 2003 and booked $72 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol PCB. Keefe Bruyette Woods, Raymond James and Sandler O'Neill are the joint bookrunners on the deal. No pricing terms were disclosed.
