River City Bank completes $121.5M secondary IPO on Nasdaq

River City Bank (NASDAQ: RCBC), a Sacramento, California-based bank, has completed its initial public offering of 2,700,000 shares of common stock at $45.00 per share, raising approximately $121.5 million in gross proceeds.

The offering was structured as a 100% secondary offering, meaning all shares sold belonged to existing shareholders associated with the family of the bank's founder, Jon Kelly. No new shares were issued by the bank, leaving its capital position and ownership structure unchanged. Trading on the Nasdaq Capital Market under the symbol "RCBC" began on August 6, 2026.

Raymond James & Associates and Keefe, Bruyette & Woods, a Stifel Company, served as joint book-running managers. D.A. Davidson & Co. and Stephens Inc. acted as co-managers.

As of June 30, 2026, River City Bank reported approximately $6.0 billion in assets, $4.7 billion in gross loans, and $5.4 billion in deposits. The bank operates across commercial banking, commercial real estate, clean energy, and public sector banking.

CEO Steve Fleming said the IPO "creates a more liquid market for existing shares without raising new capital or diluting ownership." Board Chairman Shawn Kelly Devlin noted the bank looks forward to "welcoming new investors who share our long-term vision."

The offering's registration statement was declared effective by the Federal Deposit Insurance Corporation. Information in this article is based on a company press release.

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