Five Star Bancorp (NASDAQ: FSBC) (“the company”) is a $3.6 billion-asset bank holding company headquartered in Rancho Cordova, California, which, through its lead subsidiary, Five Star Bank (“the bank” or “Five Star”), is a key player in the manufactured housing community (MHC) lending space. Founded in 1999, FSBC has a seven-branch footprint with one LPO (with one full-service office opening in San Francisco in 3Q24), all exclusively in Northern California. In 2021, the company converted to a publicly traded taxable C corporation from a subchapter S corporation via an IPO that raised $111 million in common equity. More recently in 2Q24, FSBC issued 4.0 million shares of common stock with net proceeds of $81 million.
While FSBC is a commercially oriented bank, it offers a range of services, including personal and business banking, treasury management, and government guaranteed (SBA) lending products.
The company has grown solely…
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