-
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 -
Investors in the failed Tennessee Commerce Bank have reached a tentative agreement to resolve a two-year-old class action involving the bank.
December 11
Franklin Financial Network in Franklin, Tenn., has filed for a $50 million
The $1.2 billion-asset holding company of Franklin Synergy Bank did not disclose the number of shares to be offered or a price range
Net proceeds from the offering will be used to support growth and potential acquisitions, the filing said. A portion of the proceeds will also go towards redeeming the outstanding shares of preferred stock the bank issued to the Treasury Department tied to the Small Business Lending Fund.
B of A Merrill Lynch will serve as the offering's underwriter and book running manager.
Franklin is the second Tennessee bank to file for an IPO this month. Avenue Financial in Nashville recently
