Pacific City Financial Corporation Announcing Pricing of Initial Public Offering
August 09 2018 - 9:56PM
Business Wire
Pacific City Financial Corporation, the bank holding company for
Pacific City Bank, today announced the pricing of its initial
public offering of 2,385,000 shares of common stock, no par value,
at a price to the public of $20.00 per share and a total offering
size of $47.7 million. The common stock is expected to begin
trading on the Nasdaq Global Select Market on August 10, 2018
under the symbol “PCB”.
The offering is expected to close on or about August 14,
2018, subject to customary closing conditions.
The underwriters have a 30-day option to purchase up
to an additional 357,750 shares of common stock at the initial
public offering price less the underwriting discount. Pacific City
Financial Corporation intends to use the net proceeds from the
proposed offering for general corporate purposes, including
maintenance of its required regulatory capital, to support future
organic growth and other strategic alternatives.
Keefe, Bruyette & Woods,
Inc., A Stifel Company, Raymond James and Sandler
O’Neill + Partners, L.P. are acting as joint book-running
managers for the offering.
The offering will be made only by means of a prospectus. Copies
of the prospectus related to the offering may be obtained from
Keefe, Bruyette & Woods, Inc., Attention: Equity Capital
Markets, 787 Seventh Avenue, 4th Floor, New York, NY
10019, or by calling (800) 966-1559; or from Raymond
James & Associates, Inc., 880 Carillon Parkway, St. Petersburg,
Florida 33716, Attention Equity Capital Markets, or by calling
(800) 248-8863; and from Sandler O'Neill + Partners, L.P.,
Attention: Syndicate, 1251 Avenue of the Americas, 6th Floor, New
York, New York 10020, by emailing syndicate@sandleroneill.com or by
calling (866) 805-4128.
The SEC declared the registration statement relating to these
securities effective on August 9, 2018. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Pacific City Financial Corporation
Pacific City is the bank holding company for Pacific City Bank,
a $1.6 billion asset bank, offering a full suite of commercial
banking services through its wholly owned subsidiary, Pacific City
Bank, a California state chartered bank, to small to medium-sized
businesses, individuals and professionals, primarily in Southern
California, and predominantly in Korean-American and other minority
communities.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These
forward-looking statements represent plans, estimates, objectives,
goals, guidelines, expectations, intentions, projections and
statements of our beliefs concerning future events, business plans,
objectives, expected operating results and the assumptions upon
which those statements are based. Forward-looking statements
include without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements, and are typically identified with words such as
“may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,”
“estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases
of similar meaning. We caution that the forward-looking statements
are based largely on our expectations and are subject to a number
of known and unknown risks and uncertainties that are subject to
change based on factors which are, in many instances, beyond our
control. Actual results, performance or achievements could differ
materially from those contemplated, expressed, or implied by the
forward-looking statements. Any forward-looking statements
presented herein are made only as of the date of this press
release, and we do not undertake any obligation to update or revise
any forward-looking statements to reflect changes in assumptions,
the occurrence of unanticipated events, or otherwise, except as
required by law.
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Investor RelationsPacific City Financial CorporationTimothy
ChangEVP & CFO213-210-2000
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