Capital Bancorp in Md. sets stage for an IPO
Capital Bancorp in Rockville, Md., is the latest bank to announce plans for an initial public offering.
The $1.1 billion-asset company and certain investors will sell $35 million in stock through the the offering. Capital's prospectus, filed on Friday, did not disclose the pricing or the number of shares to be sold.
The company said it plans to use its portion of the offering's proceeds to make more loans and for general corporate purposes that could include acquisitions and other growth initiatives.
The company, which raised $13.5 million through a private placement in 2015, will not receive any proceeds from the sale of shares by selling shareholders.
Capital announced in July that it had expanded its branch network into Virginia. It also has branches in Maryland and Washington.
Keefe, Bruyette & Woods and Stephens are the offering’s book managers.