1st Century Bancshares Files for IPO

Banking, finance, and taxes

Published: September 25, 2015 11:35 am

1st Century Bancshares has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $30 million. The company intends to list on the Nasdaq Capital Market under the symbol FCTY.

The sole underwriter mentioned in this filing was Sandler O’Neil Partners.

1st Century is registered with the Board of Governors of the Federal Reserve System as a bank holding company under the Bank Holding Company Act of 1956, as amended. The bank is subject to both the regulation of, and periodic examinations by the Office of the Comptroller of the Currency, which is the bank’s primary federal regulatory agency.

The bank is a full service commercial bank. 1st Century was organized as a national banking association in 2003 and opened for business in 2004. The company’s primary focus is relationship banking to family and closely held middle market businesses, professional service firms, and high net worth individuals, real estate investors and entrepreneurs. The bank also provides a wide range of banking services to meet the financial needs of the local residential community, with an orientation primarily directed toward owners and employees of its business client base.

For the three and six months ended June 30, 2015, the bank reported net income of $515,000 and $830,000, respectively, and diluted earnings per common share of $0.05 and $0.08, respectively. At the same time, 1st Century had stockholders’ equity of $62.7 million.

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The company intends to use the net proceeds from this offering for general corporate purposes, including but not limited to a contribution of capital to the bank to support organic growth, de novo branching or the opening of additional relationship offices, as well as opportunistic acquisitions, should appropriate acquisition opportunities arise.

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