Five Star Bancorp (NASDAQ: FSBC) (“the company”) is a $5.4 billion-asset bank holding company headquartered in Rancho Cordova, CA, which, through its lead subsidiary, Five Star Bank (“the bank”), is a key player in the manufactured housing community (MHC) lending space. Founded in 1999, FSBC has a ten-branch footprint entirely located in California with two non-depository offices. In 2021, the company converted to a publicly traded C corporation from a private S corporation via an IPO that raised $111.2 million in common equity. Most recently, in 3Q26, the company raised $129.9 million in common equity to support organic balance sheet growth, following an $80.9 million common equity issuance in 2Q24.
FSBC is a commercial real estate-focused institution with ~80% of the loan portfolio comprised of CRE loans, of which, 42% are concentrated in MHC/RV park loans, as of 2Q26. The remainder of the loan portfolio is comprised of commercial secured loans (6%),…
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