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Pacific City Financial raises $45.5M in IPO

Pacific City Financial Corp. sold a total of 2,508,234 common shares in its initial public offering, raising approximately $45.5 million in net proceeds.

Underwriters exercised in part their overallotment option to buy additional common shares of the company. Specifically, on Sept. 5, the underwriters purchased an additional 123,234 common shares. They were granted an overallotment option to purchase up to an additional 357,750 common shares.

The Los Angeles-based company raised approximately $2.3 million from the sale of additional shares, after deducting underwriting discounts and commissions.

Keefe Bruyette & Woods Inc., Raymond James and Sandler O'Neill & Partners LP served as joint book-running managers for the IPO.