CommunityBank of Texas in Beaumont is looking to raise roughly $72 million through an initial public offering.

The $2.9 billion-asset bank said in a press release Monday that it will use the proceeds to support organic growth and other purposes that could include boosting regulatory capital and making acquisitions.

CommunityBank has bought three institutions since October 2009, according to data from the Federal Deposit Insurance Corp.

The bank plans to sell 2.4 million shares of common stock at $24 to $26 each. It could sell another 360,000 shares if there is enough demand.

Stephens and Keefe, Bruyette & Woods are the offering’s joint book-running managers. Sandler O’Neill is co-manager.

Robert Franklin Jr.
CommunityBank of Texas, led by CEO Robert Franklin Jr., plans to raise $72 million through an initial public offering.

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Jackie Stewart

Jackie Stewart covers community banks and mergers and acquisitions for American Banker.