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OP Bancorp prices IPO

OP Bancorp priced its initial public offering of 2.0 million common shares at $11 apiece.

The offering is expected to close on or about March 29.

The underwriters have a 30-day option to buy up to an additional 300,000 common shares at the IPO price less the underwriting discount to cover any overallotments.

The company plans to use the net proceeds to support its organic growth and other general corporate purposes.

OP Bancorp's common stock is expected to begin trading on the Nasdaq Global Market under the symbol OPBK on March 28.

Keefe Bruyette & Woods Inc. is acting as book-running manager and D.A. Davidson & Co. is acting as a co-manager for the offering.

The SEC has declared the registration statement relating to these securities effective March 27.

Los Angeles-based OP Bancorp is the holding company of Open Bank.