NBH Holdings Corp. in Boston is the latest bank roll-up group to file for an initial public offering so that its stock can be traded on the open markets.
The company, which raised $1.1 billion of equity through a private placement in 2009, said in a registration statement filed late Monday that it is seeking to raise $250 million.
NBH said it would use the proceeds to make further acquisitions of open banks, failed banks and selective acquisitions of banking franchises. The company has completed four acquisitions. Its first grab was for the $1.65 billion-asset Hillcrest Bank in Overland Park, Kan., in October 2010 from the Federal Deposit Insurance Corp. In December it acquired the $4.3 billion-asset Bank Midwest in Kansas City, Mo., from Dickinson Financial Corp. Dickinson agreed to retain all the bank's nonperforming assets.
In July, it acquired the $1.07 billion-asset Bank of Choice in Greeley, Colo. from the FDIC and last month it bought the $1.38 billion-asset Community Banks of Colorado in Greenwood Village from the FDIC.
In all, NBH has 103 branches and said in the filing with the Securities and Exchange Commission that it believes an "established presence" positions it well for growth opportunities in current and "complementary markets." All of the banks have been merged under the Bank Midwest charter, but the company said in the filing that it plans to change the legal name of the bank to NBH Bank early next year and will also change the company name to National Bank Holdings Corp.
In June, North American Financial Holdings Inc., which raised $900 million and has completed a handful of acquisitions in the Southeast, said it would seek to raise $300 million in an IPO. Earlier this year BankUnited Inc., which is led by former North Fork Bancorp. Chief Executive John Kanas, went public, too.