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Bond Street Holdings in Weston, Fla., has found a backup M&A target after its deal for Atlantic Coast Financial fell through.
July 17 -
Community banks that are looking to complete acquisitions are deciding to go public so they have a stronger currency to offer potential sellers. However, recent IPOs have not performed as well as earlier ones.
May 23 -
Many people in Florida were sure that M&A would pass over the Sunshine State for years after the financial crisis. But a recent influx of deals suggests that Florida hasn't lost its luster.
May 19
FCB Financial Holdings (FCB) in Weston, Fla., is planning to go public.
The $5.2 billion-asset company, once known as Bond Street Holdings, filed a registration statement with the Securities and Exchange Commission for an initial public offering. The price per share, number of shares for sale and overallotment option were not disclosed.
The registration marks a new step in FCB's expansion in accordance with the Jumpstart Our Business Startups Act of 2012 definition of an "emerging growth company," according to the company's prospectus. But the stock value may be influenced by certain risks tied to nine acquisitions between 2010 and 2014, the company disclosed, adding that it has "a limited operating history as a single entity."
The company has acquired eight failed banks in Florida from the Federal Deposit Insurance Corp. It
FCB is the parent company of Florida Community Bank, which has 54 branches in Florida. The bank focuses on commercial customers from various industries including health care and professional services, retail and wholesale trade, tourism, agricultural services, manufacturing, distribution, technology, automotive, residential housing and commercial real estate.
The underwriters expect to deliver the shares later this year, the filing said.
