Covington Advises Five Star Bancorp in its Initial Public Offering

NEW YORK— Covington advised Five Star Bancorp in its recent initial public offering (IPO). Five Star Bancorp is now listed on the Nasdaq Global Select Market.

Five Star Bank intends to use the net proceeds from this offering to fund a cash distribution to Five Star’s existing shareholders following the completion of the offering in connection with its revocation of S Corporation status, to increase the capital of Five Star Bank to support Five Star Bank’s organic growth strategies, including expanding Five Star Bank’s overall market share, to strengthen Five Star Bank’s regulatory capital, and for working capital and other general corporate purposes.

Throughout the IPO process, Covington provided advice to Five Star Bank on matters ranging from corporate governance, bank regulatory, employee benefits and tax matters. The Covington team included Christopher DeCresce, Rusty Conner, Charlotte May, Brianna Bloodgood, Chul Hun Lee, and Corey Hall.