Franklin Financial Network in Franklin, Tenn., has filed for a $50 million initial public offering.
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 in its Thursday filing.
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 filed to raise $30 million through an IPO.