Five Star Bancorp (FSBC) Announces Proposed 5.265M Share IPO Between $18-$20/Sh

Five Star Bancorp (NASDAQ: FSBC), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), announced today that it has launched an initial public offering of its common stock. Five Star intends to offer 5,265,000 shares of its common stock and expects to grant the underwriters a 30-day option to purchase up to an additional 789,750 shares of its common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share. In connection with the initial public offering, Five Star has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol “FSBC.”

Assuming an initial public offering price of $19.00 per share (the midpoint of the price range set forth in this press release), Five Star expects to receive net proceeds from this offering of approximately $89.9 million, or approximately $103.9 million if the underwriters exercise their option to purchase additional shares in full, after deducting underwriting discounts and commissions and the estimated offering expenses payable by Five Star. Five Star intends to use the net proceeds from this offering to fund a cash distribution to Five Star’s existing shareholders following the completion of the offering (purchasers of common stock in the offering will not be entitled to receive any portion of this distribution) in the amount of $27.0 million, subject to certain adjustments, and to use the remainder of the net proceeds, which Five Star expects to be approximately $62.9 million (excluding the underwriters option to purchase additional shares), to increase the capital of the Bank in order to support Five Star’s organic growth strategies, including expanding Five Star’s overall market share, to strengthen Five Star’s regulatory capital and for working capital and other general corporate purposes.

Keefe, Bruyette & Woods, Inc. is acting as the bookrunner in the proposed offering, and Stephens Inc. and D.A. Davidson & Co. are acting as co-managers. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained from Keefe, Bruyette & Woods, Inc., A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling (800) 966-1559.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 jurisdiction.

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