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About Five Star Bancorp
Five Star Bancorp (symbol: FSBC) is a California-based state-chartered non-member bank that provides a comprehensive suite of banking products and services tailored to meet the needs of small and medium-sized businesses, professionals, and individuals. Founded in 1999 by a group of local entrepreneurs, the company has established itself as a cornerstone of economic development in its region, with a strong emphasis on reinvesting capital into local communities. With offices strategically located in Rocklin, Sacramento, Elk Grove, Rancho Cordova, Chico, and Redding, Five Star Bancorp is deeply embedded in the economic fabric of California’s capital region.
Core Business Model
At its core, Five Star Bancorp operates as a community-focused financial institution, offering a range of loan products, including commercial real estate loans, commercial loans, construction loans, and farmland loans. These offerings are complemented by a variety of deposit products, such as checking accounts, savings accounts, money market accounts, and term certificate accounts. The bank’s business model is built around personalized service, expedient decision-making, and regional expertise, enabling it to deliver tailored financial solutions that larger, more impersonal institutions may struggle to provide.
Market Position and Differentiation
Operating in a highly competitive financial services market, Five Star Bancorp differentiates itself through its localized approach and deep community ties. Unlike national banks that often rely on standardized processes, Five Star Bancorp leverages its regional knowledge to offer customized financial solutions. This approach not only fosters strong customer relationships but also positions the bank as a trusted partner for businesses and individuals seeking specialized banking services. Its focus on commercial real estate and small business banking further enhances its appeal to a niche market segment, making it a vital player in the economic development of the regions it serves.
Operational Focus
Five Star Bancorp’s operational strategy emphasizes agility and responsiveness, attributes that are critical in the dynamic financial services landscape. By maintaining a localized decision-making process, the bank ensures that its services remain aligned with the unique needs of its customers. This operational model is supported by a team of professionals with extensive regional expertise, enabling the bank to navigate the complexities of the California market effectively. Additionally, as a member of the FDIC and an Equal Housing Lender, Five Star Bancorp adheres to stringent regulatory standards, further solidifying its reputation as a trustworthy financial institution.
Community and Economic Impact
Five Star Bancorp is more than just a financial institution; it is a steward of community and economic development. The bank’s commitment to reinvesting capital into local economies underscores its role as a catalyst for growth and stability in the regions it serves. By focusing on the needs of small businesses and entrepreneurs, Five Star Bancorp contributes to job creation and economic vitality, reinforcing its position as a key player in California’s financial ecosystem.
Conclusion
In summary, Five Star Bancorp stands out as a community-oriented bank that combines personalized service with a robust suite of financial products. Its strategic focus on commercial real estate and small business banking, coupled with its localized decision-making and regional expertise, positions it as a unique and valuable player in the California financial services market. Whether serving businesses, professionals, or individuals, Five Star Bancorp remains committed to fostering economic growth and delivering exceptional banking experiences.
Five Star Bancorp (Nasdaq: FSBC) has appointed Warren Kashiwagi to its Board of Directors as of October 5, 2021. With over 40 years of public accounting experience and a background in tax planning, strategic consulting, and business succession, Kashiwagi aims to enhance corporate strategy and shareholder value. Previously a Tax Partner at Crowe Horwath and Perry-Smith, he brings a wealth of experience from various industries, including healthcare and technology. His addition is expected to strengthen Five Star's leadership and operational insights.
On October 6, 2021, Five Star Bancorp (FSBC) declared a cash dividend of $0.15 per share on its voting common stock. This dividend will be paid on October 19, 2021, to shareholders of record as of October 12, 2021. Headquartered in Rancho Cordova, California, Five Star operates through its wholly owned banking subsidiary, Five Star Bank, with a network of seven branches and two loan production offices throughout Northern California.
Five Star Bancorp (FSBC) reported a net income of $9.8 million for Q2 2021, a decline from $10.3 million in Q1 2021 and $10.1 million in Q2 2020. Diluted earnings per share fell to $0.67 from $0.93 in Q1 2021. The Company ended its Subchapter S status and is now taxed as a C Corporation, resulting in a higher effective tax rate of 20.77%. Total loans increased by 7.57% to $1.46 billion, while total deposits rose by 15.82% to $2.07 billion.
Five Star Bancorp (Nasdaq: FSBC) will report its financial results for the quarter ended June 30, 2021, on Monday, July 26, 2021, after market close. A live webcast for analysts and investors is scheduled for July 27, 2021, at 1:00 PM ET (10:00 AM PT) to discuss the results. The webcast will be available on the company’s website and will be archived for 90 days. Five Star operates as a bank holding company with seven branches and two loan production offices in Northern California.
Five Star Bancorp (Nasdaq: FSBC) announced a cash dividend of $0.15 per share on its voting common stock, to be paid on July 20, 2021, to shareholders of record as of July 13, 2021. This move reflects the company's commitment to returning value to its shareholders. Five Star operates through its wholly owned banking subsidiary, Five Star Bank, with seven branches and two loan production offices in Northern California.
Five Star Bancorp (Nasdaq: FSBC) appointed Leigh White to its Board of Directors effective June 17, 2021. With over 30 years of experience in television broadcast management, Ms. White has a proven track record in revenue development, content production, and operational efficiency. She recently served as Vice President and General Manager of KTXL-TV in Sacramento and brings expertise in finance and marketing. Her diverse background is expected to contribute positively to Five Star's strategic goals and community engagement.
Five Star Bancorp (Nasdaq: FSBC) announces James Beckwith's election as chairman of the Western Bankers Association, effective June 1, 2021. Beckwith, who has been with Five Star Bank since 2003, aims to leverage his experience to advocate for the banking industry and provide innovative solutions. His leadership follows the tenure of Dave Joves, Senior VP at Bank of Guam. Beckwith's community engagement and recognition as Businessman of the Year in 2020 highlight his commitment to the banking sector and the communities served.
Five Star Bancorp (Nasdaq: FSBC) has appointed Randall Reynoso to its Board of Directors, effective May 20, 2021. Reynoso brings 40 years of banking experience, including senior roles at Westamerica Bank and Wells Fargo Bank. His expertise in financial services and strong community relationships are expected to enhance the board's effectiveness. Additionally, a cash distribution of $27 million will be paid to previous S Corporation shareholders on May 21, fulfilling obligations established under a Tax Sharing Agreement.
Five Star Bancorp (Nasdaq: FSBC) successfully closed its initial public offering, selling 6,054,750 shares at $20.00 each, raising approximately $109.5 million in net proceeds. This includes 789,750 shares sold due to the full exercise of the underwriters' option. The offering was facilitated by Keefe, Bruyette & Woods, Inc. as the bookrunner, with Stephens Inc. and D.A. Davidson & Co. as co-managers. The SEC declared the registration statement effective on May 4, 2021. Five Star is a bank holding company based in Rancho Cordova, California, operating through its wholly-owned subsidiary, Five Star Bank.
On May 4, 2021, Five Star Bancorp announced the pricing of its initial public offering (IPO) of 5,265,000 shares at $20.00 per share, aiming for net proceeds of approximately $94.8 million. Trading on Nasdaq under the symbol FSBC is set to begin on May 5, 2021, with the offering closing on or about May 7, 2021. The underwriters possess a 30-day option for an additional 789,750 shares, potentially raising another $14.7 million. Five Star plans to distribute $27 million to existing shareholders and use the remaining funds to bolster its capital for growth.
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