Franklin Synergy Bank in Franklin, Tenn., is planning to raise money from institutional investors as a prelude to a public offering.

The $618 million-asset lender is hoping to raise $15 million from institutional investors by the end of the year, according to a report published Thursday in The Tennessean. The bank would then seek to pursue its IPO as early as 2015, the report said.

The bank expects to go public when it reaches roughly $1 billion in assets, Chief Marketing Officer Aimee Punessen said. 

Richard Herrington, the chief executive of Franklin Synergy, has successfully taken two other banks public and eventually sold them. He helped found Franklin Financial Corp. in 1989 and sold it to Fifth Third (FITB) for $317 million in 2004. He then led Civitas BankGroup, which sold to Greene County Bancshares in 2007 for $164 million.

Herrington told The Tennessean he has no plans to sell Franklin Synergy, but may be a buyer.

"When we sold our stock initially, we promised our shareholders to give them a liquidity event other than selling the bank," Herrington told the paper. "We know somewhere down the road people are going to want to have the opportunity to cash in and recognize the increase in value. A way to do that is to be a publicly traded bank."

Franklin Synergy was founded in 2007 and has four branches in the Nashville area.

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