River City Bank prices $121.5M IPO at $45 per share

River City Bank priced its IPO at $45 per share, a $121.5 million offering that lists the Sacramento lender on the Nasdaq Capital Market under ticker RCBC.

The offering consists entirely of existing shares held by two longtime shareholders tied to the family of founder Jon Kelly, the bank said in a statement. No new shares will be issued, and the bank will not receive proceeds from the sale.

Raymond James & Associates and Keefe, Bruyette & Woods, a Stifel Company, are serving as joint book-running managers, with D.A. Davidson & Co. and Stephens Inc. as co-managers. As of June 30, 2026, River City Bank held approximately $6.0 billion in assets, $4.7 billion in gross loans, and $5.4 billion in deposits.

The listing marks a transition for the bank, which has operated under private ownership for more than five decades. Trading begins August 6, with closing expected August 7, subject to customary conditions. The offering circular was filed with and accepted by the Federal Deposit Insurance Corporation.

The 100% secondary structure means the bank itself raises no capital from the listing. Instead, the two selling shareholders — associated with the Kelly family, which founded the bank — gain liquidity for their positions. This structure separates the bank's public listing from any capital-raising purpose, a pattern more common among established institutions seeking market visibility rather than growth funding.

River City Bank, led by President and CEO Steve Fleming and Chairman Shawn Kelly Devlin, has built its franchise around commercial banking, commercial real estate, clean energy, and public sector banking. The bank has expanded its customer base and geographic reach while maintaining locally rooted ownership and governance, according to the company.

The bank's balance sheet metrics — $6.0 billion in assets against $5.4 billion in deposits — imply a loan-to-deposit ratio of roughly 87 percent, reflecting a funding profile typical of community and regional banks. The $4.7 billion gross loan portfolio spans the bank's specialty verticals, including clean energy project financing, a segment that has grown as federal incentives drive renewable infrastructure investment.

For investors, the listing provides exposure to a California-based commercial lender with a five-decade operating history. The bank's clean energy lending focus positions it within a growing segment of commercial banking, as federal tax credits and state-level mandates continue to drive project financing demand across the state.

The offering's structure — a pure secondary sale with no primary component — means the bank's capital position remains unchanged post-listing. This could appeal to investors seeking established banking franchises without the dilution typically associated with IPOs. It also means the bank's regulatory capital ratios, which determine lending capacity, will not be affected by the listing.

The deal is expected to close August 7, after which RCBC shares will trade freely on the Nasdaq Capital Market. The bank's performance as a public company will depend on its ability to sustain loan growth and maintain asset quality across its commercial and clean energy portfolios. With $6.0 billion in assets, River City Bank enters the public markets as a mid-sized regional lender competing against larger institutions such as Bank of America and Wells Fargo in the California commercial banking market.

This article is for informational purposes only and does not constitute investment advice.