Five Star Bancorp Announces the Hiring of San Francisco Bay Area Banking Professional and the Full Exercise and Closing of Underwriters’ Option to Purchase Additional Shares in the Company’s Underwritten Public Offering - Seite 2

Five Star Bank’s recent investments in the San Francisco Bay Area include the addition in February of five Bay Area commercial banking professionals and the signing of a 10-year lease for a full-service office at 345 California Street in San Francisco, scheduled to open in the third quarter this year.

Full Exercise and Closing of Underwriters’ Option to Purchase Additional Shares

On April 10, 2024, the Company announced the full exercise and closing of the sale of 517,500 shares of Company common stock to the underwriters in its previously announced underwritten public offering, pursuant to the underwriters’ option to purchase additional shares. When combined with the shares sold in the closing that occurred on April 2, 2024, the Company sold 3,967,500 shares of its common stock at a public offering price of $21.75 per share. The proceeds to the Company, after deducting underwriting discounts and commissions but before deducting offering expenses payable by the Company, were approximately $81.5 million. The Company intends to use the net proceeds of the offering for general corporate purposes and to support its continued growth, including through investments in the Bank to pursue growth opportunities, and for working capital.

Keefe, Bruyette & Woods, A Stifel Company acted as the bookrunner for the offering. Stephens Inc. and D.A. Davidson & Co. acted as co-managers.

Additional Information Regarding the Offering

The offering of common stock was made pursuant to a registration statement on Form S-3 (File No. 333-269533) that was declared effective by the Securities and Exchange Commission (“SEC”) on February 13, 2023. A final prospectus supplement was filed with the SEC. Prospective investors should read the final prospectus supplement and the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the offering. Copies of these documents are available at no charge by visiting the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus related to the offering may be obtained by contacting: Keefe, Bruyette & Woods, A Stifel Company by telephone at [phone] or by e-mail at [e-mail].