River City Bank in Sacramento, Calif., sold $121.5 million in stock for two shareholders.
The bank said in a press release that it sold 2.7 million shares for $45 each as part of the initial public offering, which was structured as a secondary offering for investors tied to the family of the bank’s founder.
The bank did not receive any proceeds from the IPO.
Raymond James and Keefe, Bruyette & Woods were joint book-running managers. D.A. Davidson and Stephens were co-managers.