Pacific City Financial, a California commercial bank primarily serving Korean-American communities, announced terms for its IPO on Thursday. The company's stock is currently quoted on the OTC Pink under PFCF.
The Los Angeles, CA-based company plans to raise $50 million by offering 2.4 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Pacific City Financial would command a fully diluted market value of $343 million.
OP Bancorp, 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.
Pacific City Financial 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. It is expected to price during the week of August 6, 2018.
