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With five completed acquisitions and one pending, North American Financial Holdings Inc. is set to go public.
June 24 -
After striking two deals around Kansas City, Mo., last year, Laney, the Boston-based president and chief executive of NBH Holdings Corp., has moved on to Colorado, buying the $1 billion-asset Bank of Choice in Greeley on Friday in a deal with the Federal Deposit Insurance Corp.
July 26 -
Fred Joseph, Colorado's banking commissioner, said Community Banks of Colorado should have been able to sell its branches in a bid for more time to resolve its problems. But the FDIC and the Fed overruled him — and then failed the bank.
October 24
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.
