Pacific City Financial Corporation, the holding company of Pacific City Bank, today announced the closing of a private placement to accredited investors totaling $15.3 million of common stock. The proceeds from the capital raise will be used for general corporate purposes, including supporting the growth of Pacific City Bank. In the private placement, the Company issued 1,273,000 shares of common stock, no par value, at a price of $12.00 per share.

“The success and speed of this capital raise re-assured me of the strength of our franchise value and our position as one of the leading Korean-American community banks serving Southern California and Bergen County, New Jersey. This additional capital will elevate our capital levels and provide us with more capacity to grow our institution and support the needs of our customers,” said Haeyoung Cho, President and Chief Executive Officer.