First Choice Bank Announces Closing of $30.0 Million Public Offering of Common Stock

CERRITOS, Calif.--(BUSINESS WIRE)--First Choice Bank (OTCQX: FCBK) (the “Company” or the “Bank”), a California-based financial institution, announced today that it has closed on the sale of $30.0 million of the Company's common stock at $15.50 per share in a public offering (the “Transaction”). The Company plans to employ the net proceeds from the Transaction to support its growth and expansion.

“We are pleased with the support that we received in this financing round from so many of our long time, loyal shareholders. We are also very happy to welcome some strong institutional investors”

“We are pleased with the support that we received in this financing round from so many of our long time, loyal shareholders. We are also very happy to welcome some strong institutional investors,” said Peter Hui, Founder & Chairman of First Choice Bank. Robert M. Franko, President and CEO of the Bank further commented, “This round of Capital will help us to continue on the growth path that First Choice Bank has travelled for many years now. We have a wonderful team of outstanding bankers, all of whom are shareholders and many of whom participated in this round of financing. Our thanks go out to all of our shareholders.” Hovde Group LLC served as the lead placement agent for the Company while FIG Partners LLC acted as co-placement agent. Loren P. Hansen, APC served as legal counsel to the Company in connection with the Transaction. About First Choice Bank First Choice Bank is a $680 million California banking organization headquartered in Cerritos, California. The Company was chartered in 2005 and has four branches in Cerritos, Alhambra, Rowland Heights and Anaheim, California. The Company also has three loan offices located in Temecula, Solana Beach and Manhattan Beach. For additional information, visit the Company's Web site at www.firstchoicebankca.com. Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements.” Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements the Company makes about: (i) the future operating or financial performance of the Company, including its outlook for future growth; (ii) the expected outcome and impact of legal, regulatory and legislative developments, as well as expectations regarding compliance therewith; (iii) uses of capital; and (iv) the Company's plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. The Company does not undertake to update any forward-looking statements in this press release, except as may be required by law. Important Information This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. The securities sold in the Transaction have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act.