Los Angeles-based Pacific City Financial Corp.'s initial public offering of 2,385,000 common shares priced at $20.00 each for gross proceeds of $47.7 million.

Underwriters have a 30-day option to purchase up to an additional 357,750 shares at the IPO price less the underwriting discount.

Net proceeds will be used for general corporate purposes.

The shares are expected to begin trading on the Nasdaq Global Select Market on Aug. 10 under the symbol PCB. The offering is expected to close on or about Aug. 14.

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