C1 Financial, a $1.4 billion-asset company in St. Petersburg, Fla., raised $45 million today from its initial public offering.

C1, which trades under the ticker symbol BNK, closed Thursday at $17 a share, the same price when it began trading and below its initial range of $18 to $20.

Some net proceeds from the offering will be used for working capital, C1 said in its registration statement. The remaining funds will go towards corporate purposes, including financing company growth, funding capital expenditures, or expanding its existing business through investments or acquisitions.

Keefe, Bruyette & Woods and Raymond James & Associates were lead managers. Sandler O'Neill & Partners, Wunderlich Securities, Hovde Group and Monroe Financial Partners were co-managers. Davis Polk & Wardwell was legal counsel to C1.

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