Open Bank. (OPBK) Prices 2M Share IPO at $11/Sh

OP Bancorp (NASDAQ: OPBK) today announced the pricing of its initial public offering of 2,000,000 shares of common stock, no par value, at a price to the public of $11.00 per share and a total offering size of $22,000,000. The common stock is expected to begin trading on the Nasdaq Global Market on March 28, 2018 under the symbol “OPBK”.

The offering is expected to close on or about March 29, 2018, subject to customary closing conditions.

The underwriters have a 30-day option to purchase up to an additional 300,000 shares of common stock at the initial public offering price less the underwriting discount to cover any over-allotments. OP Bancorp intends to use the net proceeds from this offering to support its organic growth and other general corporate purposes, including opportunistic strategic acquisitions. OP Bancorp has no immediate plans, arrangements or understandings relating to any material acquisition.

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

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