LOS ANGELES--(BUSINESS WIRE)-- Pacific City Financial Corporation (the “Company”) (OTC Pink: PFCF), 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.

About Pacific City Financial Corporation

Headquartered in Los Angeles, California, Pacific City Financial Corporation is the parent company of Pacific City Bank, a full-service commercial bank with eleven branch offices and eight loan production offices in Lynwood and Bellevue, Washington; Denver, Colorado; Chicago, Illinois; Annandale, Virginia; Atlanta, Georgia; Orange County, California; and Bayside, New York. Pacific City Bank specializes in commercial banking for small to medium-size businesses by providing commercial real estate loans, small business loans and lines of credit, trade finance loans, auto loans, residential mortgage loans, and SBA loans. Pacific City Bank serves a diverse customer base through its branches in the Greater Los Angeles Area and Fort Lee, New Jersey and its Loan Production Offices in seven States.

Safe Harbor Statement

This press release may contain forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The Company intends all forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. Further, the Company undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

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Pacific City Financial Corporation
Timothy Chang
Executive Vice President & Chief Financial Officer
213-210-2000

Source: Pacific City Financial Corporation