Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a
holding company that operates through its wholly owned banking
subsidiary, Five Star Bank (the “Bank”), announced today the
addition of Casey Grafeld, Senior Vice President / Managing
Director, to Five Star Bank. Grafeld will help advance Five Star
Bank’s expansion strategy in the San Francisco Bay Area with
personalized, concierge commercial banking service in Marin
County.
“Casey Grafeld is an excellent addition to Five Star Bank’s San
Francisco Bay Area team of highly experienced commercial banking
professionals. He brings a great depth of knowledge and
experience from over 30 years in banking and he has a stellar track
record of client service and success. Adding Casey to our team
exemplifies our commitment to expansion and client service in the
San Francisco Bay Area,” said Five Star Bank San Francisco Bay Area
Region President, DJ Kurtze.
“I joined Five Star Bank because of its emphasis on high-touch,
personalized, concierge banking, the caliber of its people, its
ability to deliver on promises to its customers, and its commitment
to investment, expansion and success in the San Francisco Bay
Area. I see myself as an advisor who puts my clients’
interests first, and Five Star Bank as a great example of an
organization with excellent client service. I also am delighted to
extend Five Star Bank’s Bay Area presence and personalized
commercial banking services to Marin County, where I’ve lived for
25 years,” said Grafeld.
In his 30-year banking career, Grafeld held roles in
relationship management, business development and senior management
at banks including Wachovia Bank, Wells Fargo Bank, Bank of America
Merrill Lynch, Signature Bank and Flagstar Bank. He also recently
served as finance chair on the board of directors of the Marin AIDS
Project. He earned a Bachelor of Arts degree in business economics
with an emphasis in accounting from the University of California,
Santa Barbara.
The addition of Grafeld to Five Star Bank’s San Francisco Bay
Area team of highly experienced commercial banking professionals is
the latest in a series of the Company’s investments in the Bay Area
this year. The investments exemplify Five Star’s commitment to fill
a gap in high-tech, personalized concierge banking left by the
Silicon Valley Bank, Signature Bank and First Republic Bank
failures, and its belief in a strong Bay Area recovery and
economy.
Five Star Bank’s recent investments in the San Francisco Bay
Area include the addition in February of five Bay Area commercial
banking professionals and the signing of a 10-year lease for a
full-service office at 345 California Street in San Francisco,
scheduled to open in the third quarter this year.
Full Exercise and Closing of Underwriters’ Option to Purchase
Additional Shares
On April 10, 2024, the Company announced the full exercise and
closing of the sale of 517,500 shares of Company common stock to
the underwriters in its previously announced underwritten public
offering, pursuant to the underwriters’ option to purchase
additional shares. When combined with the shares sold in the
closing that occurred on April 2, 2024, the Company sold 3,967,500
shares of its common stock at a public offering price of $21.75 per
share. The proceeds to the Company, after deducting underwriting
discounts and commissions but before deducting offering expenses
payable by the Company, were approximately $81.5 million. The
Company intends to use the net proceeds of the offering for general
corporate purposes and to support its continued growth, including
through investments in the Bank to pursue growth opportunities, and
for working capital.
Keefe, Bruyette & Woods, A Stifel Company acted as
the bookrunner for the offering. Stephens Inc. and D.A. Davidson
& Co. acted as co-managers.
Additional Information Regarding the
Offering
The offering of common stock was made pursuant
to a registration statement on Form S-3 (File No. 333-269533) that
was declared effective by the Securities and Exchange Commission
(“SEC”) on February 13, 2023. A final prospectus supplement was
filed with the SEC. Prospective investors should read the final
prospectus supplement and the accompanying prospectus and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering. Copies of these
documents are available at no charge by visiting the SEC’s website
at www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus related to the offering may be obtained
by contacting: Keefe, Bruyette & Woods, A Stifel Company
by telephone at (800) 966-1559 or by e-mail at
USCapitalMarkets@kbw.com.
No Offer or Solicitation
This press release does not constitute an offer
to sell, a solicitation of an offer to sell, or the solicitation of
an offer to buy any securities. There will be no sale of securities
in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Five Star BancorpFive Star is a bank
holding company headquartered in Rancho Cordova, California. Five
Star operates through its wholly owned banking subsidiary, Five
Star Bank. The Bank has seven branches in Northern California. For
more information visit https://www.fivestarbank.com.
Special Note Concerning Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements represent
plans, estimates, objectives, goals, guidelines, expectations,
intentions, projections, and statements of the Company’s beliefs
concerning future events, business plans, objectives, expected
operating results, and the assumptions upon which those statements
are based. Forward-looking statements include without limitation,
any statement that may predict, forecast, indicate, or imply future
results, performance, or achievements, and are typically identified
with words such as “may”, “could”, “should”, “will”, “would”,
“believe”, “anticipate”, “estimate”, “expect”, “aim”, “intend”,
“plan” or words or phases of similar meaning. The Company cautions
that the forward-looking statements are based largely on the
Company’s expectations and are subject to a number of known and
unknown risks and uncertainties that are subject to change based on
factors which are, in many instances, beyond the Company’s control.
Such forward-looking statements are based on various assumptions
(some of which may be beyond the Company’s control) and are subject
to risks and uncertainties, which change over time, and other
factors, which could cause actual results to differ materially from
those currently anticipated. New risks and uncertainties may emerge
from time to time, and it is not possible for the Company to
predict their occurrence or how they will affect the Company. If
one or more of the factors affecting the Company’s forward-looking
information and statements proves incorrect, then the Company’s
actual results, performance, or achievements could differ
materially from those expressed in, or implied by, forward-looking
information and statements contained in this press release.
Therefore, the Company cautions you not to place undue reliance on
the Company’s forward-looking information and statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements are set forth in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023 under the section entitled “Risk Factors,” and other
documents filed by the Company with the SEC from time to time.
The Company disclaims any duty to revise or
update the forward-looking statements, whether written or oral, to
reflect actual results or changes in the factors affecting the
forward-looking statements, except as specifically required by
law.
Investor Contact:Heather C. Luck, Chief
Financial OfficerFive Star Bancorp (916)
626-5008hluck@fivestarbank.com
Media Contact:Shelley R. Wetton, Chief
Marketing OfficerFive Star Bancorp(916)
284-7827swetton@fivestarbank.com
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