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Community banks that are looking to complete acquisitions are deciding to go public so they have a stronger currency to offer potential sellers. However, recent IPOs have not performed as well as earlier ones.
May 23 -
Franklin Financial Network in Franklin, Tenn., has filed for a $50 million initial public offering.
January 16 -
Community banks that are looking to complete acquisitions are deciding to go public so they have a stronger currency to offer potential sellers. However, recent IPOs have not performed as well as earlier ones.
May 23
People's Utah Bancorp in American Fork has filed for a $36.3 million initial public offering.
The $1.4 billion-asset holding company for Bank of American Fork and Lewiston State Bank plans to sell 2.5 million shares of common stock for $14.50 each. The shares will trade under the symbol PUB. The offering is expected to close on June 16.
The company plans to use the proceeds to generate loan growth, for potential acquisitions and for general corporate purposes.
Three brothers, Paul, Dale and Blaine Gunther, are directors and shareholders in the company. Paul Gunther is the chairman of People's Utah, and Dale Gunther is the vice chairman.
D.A. Davidson is the book-running manager for the offering. Dorsey & Whitney is legal counsel to People's Utah.
