Pacific City Financial Corporation (NASDAQ:PCB) was founded in 2003 and is headquartered in Los Angeles, California, USA, with 228 full-time employees (3/31/2018). It is a bank holding company through its wholly-owned subsidiary Pacific City Bank (Pacific City Bank, a California chartered bank) provides a full range of commercial banking services to small and medium businesses, individuals and professionals, mainly serving Korean Americans and other minority communities in Southern California.
Pacific City Financial Corporation (PCB):
Since its establishment, Pacific City Bank has been committed to building a first-class community bank, providing personalized services, fast and local decision-making and convenience to customers in target markets, especially the Korean-American community in the United States. Pacific City Bank focuses on existing businesses and individuals that have been established in the local market, as well as Korean immigrants who wish to establish their own businesses in the United States, buy houses or educate their children.
Pacific City Bank offers a wide range of loan products, including traditional commercial real estate loans, secured and unsecured commercial and industrial loans (“C&I loans”), small business management secured loans (“SBA loans”), residential real estate loans and Consumer loans.
Pacific City Bank attracts retail deposits through its branch network and provides a wide range of deposit products for commercial and consumer banking customers. The company’s deposit products and services have competitive advantages, focusing on convenience and access at any time. Pacific City Bank provides customers with a full range of online and mobile banking solutions, including remote check deposit and mobile bill payment functions. The company also provides a full range of commercial fund management services, aiming to compete with banks of all sizes. Pacific City Bank’s fund management services include in-person payment, remote deposit acquisition, ACH transfer, wire transfer and payment termination.
As of March 31, 2018, Pacific City Financial Corporation’s total assets were US$1.6 billion, total deposits were US$1.4 billion, total loans (including loans held for sale) were US$1.2 billion, and total shareholder equity was US$147.2 million.
From December 31, 2013 to March 31, 2018, the total amount of Pacific City Bank loans (including loans for sale) increased from US$606.5 million to US$1.2 billion, with a compound annual growth rate (“CAGR”) of 18.1%. Deposits The total increased from US$674 million to US$1.4 billion, with a compound annual growth rate of 14.4%.
Pacific City Financial Corporation (PCB) investment:
Pacific City Financial Corporation (NASDAQ:PCB) submitted its IPO prospectus on 7/17/2018. It plans to land on Nasdaq on 8/10/2018 with an issue price of US$20-22. It will issue 2.4 million shares. Capital not exceeding 50.1 million US dollars, Keefe, Bruyette & Woods ( A Stifel Company ) / RAYMOND JAMES , Sandler O’Neill + Partners joint underwriting.