Market Overview

Pacific City Financial Corporation Announces Closing of Initial Public Offering


Pacific City Financial Corporation ("Pacific City") (NASDAQ:PCB), the
bank holding company for Pacific City Bank, announced today that it has
completed the initial public offering of 2,385,000 shares of its common
stock at a price of $20.00 per share. Pacific City's common stock began
trading on the NASDAQ Global Select Market on August 10, 2018 under the
trading symbol "PCB."

The underwriters have a 30-day option to purchase up to an additional
357,750 shares of common stock at the initial public offering price less
the underwriting discount. Pacific City Financial Corporation intends to
use the net proceeds from the proposed offering for general corporate
purposes, including maintenance of its required regulatory capital, to
support future organic growth and other strategic alternatives.

Keefe, Bruyette & Woods, Inc., A Stifel Company, Raymond
James and Sandler O'Neill + Partners, L.P. served as joint book-running
managers for the offering.

A registration statement relating to these securities was declared
effective by the U.S. Securities and Exchange Commission (the "SEC") on
August 9, 2018. The offering was made only by means of a prospectus.
Copies of the final prospectus related to the offering may be obtained
from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets,
787 Seventh Avenue, 4th Floor, New York, NY 10019; or by calling (800)
966-1559, or from Raymond James & Associates, Inc., 880 Carillon
Parkway, St. Petersburg, Florida 33716, Attention Equity Capital
Markets, or by calling (800)-248-8863, and from Sandler O'Neill +
Partners, L.P., Attention: Syndicate, 1251 Avenue of the Americas, 6th
Floor, New York, New York 10020, by emailing
or by calling (866) 805-4128. Copies of the registration statement
relating to these securities and the prospectus may also be obtained
free of charge from the website of the SEC at

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or

About Pacific City Financial Corporation

Pacific City is the bank holding company for Pacific City Bank, a $1.6
billion asset bank, offering a full suite of commercial banking services
through its wholly owned subsidiary, Pacific City Bank, a California
state chartered bank, to small to medium-sized businesses, individuals
and professionals, primarily in Southern California, and predominantly
in Korean-American and other minority communities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. These
forward-looking statements represent plans, estimates, objectives,
goals, guidelines, expectations, intentions, projections and statements
of our beliefs concerning future events, business plans, objectives,
expected operating results and the assumptions upon which those
statements are based. Forward-looking statements include without
limitation, any statement that may predict, forecast, indicate or imply
future results, performance or achievements, and are typically
identified with words such as ‘‘may,'' "could," "should," "will,"
"would," "believe," "anticipate," "estimate," "expect," "aim," "intend,"
"plan," or words or phases of similar meaning. We caution that the
forward-looking statements are based largely on our expectations and are
subject to a number of known and unknown risks and uncertainties that
are subject to change based on factors which are, in many instances,
beyond our control. Actual results, performance or achievements could
differ materially from those contemplated, expressed, or implied by the
forward-looking statements. Any forward-looking statements presented
herein are made only as of the date of this press release, and we do not
undertake any obligation to update or revise any forward-looking
statements to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise, except as required by law.

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