Kansas bank files for $100M initial public offering
CrossFirst Bankshares in Leawood, Kan., is planning to sell as much as $100 million in stock through an initial public offering.
The $4.3 billion-asset company said in a registration statement filed Thursday with the Securities and Exchange Commission that the number of shares to be offered and the price range for the offering have not yet been determined.
CrossFirst said it intends to use its share of the proceeds for general corporate purposes, including maintenance of required regulatory capital and to support future growth. The IPO will increase the company's available cash resources and create a public market for its common stock, the filing said.
Some of the stock will be sold by existing shareholders.
The company has seven branches, primarily along the I-35 corridor in Kansas, Missouri, Oklahoma and Texas.
CrossFirst said it has no plans to make any acquisitions, but it is considering opening a second, smaller branch in the Dallas area. The estimated cost for the branch has not been determined because the project is still in the early development stage.
The company has not declared or paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. Instead, it expects its earnings will be retained to support the operations and finance the growth and development of the business, according to the filing.
CrossFirst has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol CFB.
Keefe, Bruyette & Woods, Raymond James and Stephens are acting as joint managers for the offering. Sandler O’Neill is a co-manager.