River City Bank, headquartered in Sacramento, California, has completed an offering of 2,700,000 shares of common stock priced at $45.00 per share, yielding approximately $121.5 million in gross proceeds. The offering was structured as a 100% secondary sale, meaning every share sold came from existing shareholders tied to the family of the bank's founder, Jon Kelly, rather than from newly issued bank stock.
Because no new shares were created, the transaction did not change the bank's capital position or alter its ownership structure. Trading of River City Bank's shares on the Nasdaq Capital Market commenced on August 6, 2026, under the ticker symbol "RCBC."
The deal was led by Raymond James & Associates and Keefe, Bruyette & Woods, a Stifel Company, as joint book-running managers. D.A. Davidson & Co. and Stephens Inc. served as co-managers for the offering.
River City Bank reported total assets of approximately $6.0 billion as of June 30, 2026. At the same date the bank's gross loans were about $4.7 billion and deposits were roughly $5.4 billion. The bank's operations span multiple business lines, including commercial banking, commercial real estate, clean energy and public sector banking.
Chief Executive Officer Steve Fleming described the offering as a mechanism to "create a more liquid market for existing shares without raising new capital or diluting ownership." Board Chairman Shawn Kelly Devlin added that the bank looks forward to "welcoming new investors who share our long-term vision."
The Federal Deposit Insurance Corporation declared the offering's registration statement effective. The facts presented here are based on a company press release.
Financial snapshot (as of June 30, 2026)
- Assets: approximately $6.0 billion
- Gross loans: approximately $4.7 billion
- Deposits: approximately $5.4 billion
Offering structure and market listing
The issuance was a secondary offering in full: existing family shareholders sold shares and the bank did not issue additional equity. The shares began trading on the Nasdaq Capital Market under the symbol RCBC on August 6, 2026.
Deal management
Raymond James & Associates and Keefe, Bruyette & Woods, a Stifel Company, acted as joint book-running managers for the transaction, with D.A. Davidson & Co. and Stephens Inc. as co-managers.
Context and positioning
River City Bank operates across a set of commercial-focused lines including commercial banking and commercial real estate, alongside clean energy and public sector banking. The company-provided figures show a balance sheet with roughly $6.0 billion in assets and deposit funding of about $5.4 billion as of the end of June 2026.
Leadership remarks
According to statements released by the bank, the IPO was designed to enhance liquidity for existing shareholders without issuing new capital. Bank leadership also indicated an interest in expanding the shareholder base to investors aligned with the bank's long-term objectives.