The holding company for Tennessee's FirstBank plans to hold an initial public offering, in order to make more than $65 million in distributions and debt repayments to its chairman.
The $2.9 billion-asset FB Financial in Nashville proposed raising up to $115 million in its IPO. FB Financial filed its latest plans for an IPO on Friday and it first disclosed its IPO plans in September, when it was called First South Bancorp.
FB Financial will use some proceeds to make a $55 million cash distribution to James Ayers, the company's chairman and sole owner. FB Financial will also repay $10.1 million in subordinated debt held by Ayers. FB Financial plans to use the remaining proceeds for organic growth and potential acquisitions.
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FirstBank in Lexington, Tenn., has agreed to buy Northwest Georgia Bank in Ringgold.
May 1 -
S corporation banks are concerned that the capital conservative buffer under Basel III and a potential prohibition from paying tax-distribution dividends to shareholder could cause more of them to slow growth plans or merge.
April 25 -
First Hawaiian Bank in Honolulu expects to raise up to $558 million in an initial public offering after its parent BNP Paribas Group decided to spin off the unit rather than sell it.
August 2
In conjunction with the IPO, FB Financial plans to convert from an S corporation to a C corporation. S corporation shareholders are
JPMorgan Chase, UBS and Keefe, Bruyette & Woods are financial advisers to FB Financial. Alston & Bird is legal counsel.
FirstBank was founded in Lexington, Tenn., in 1906 and operates 45 branches in Tennessee, Georgia and Alabama.