OP Bancorp of Los Angeles plans to offer 2.0 million of its common shares, priced between $9.50 and $11.50 per share, in its initial public offering.

Should the shares sell at the midpoint of $10.50, net proceeds are estimated to reach $18.6 million, or approximately $21.6 million if the overallotment option of 300,000 shares is exercised in full.

OP is the holding company of Open Bank, which largely caters to the Korean-American community. Its stock, currently quoted on the OTCQB Market, closed March 19 at $11.50 per share.