National Commerce in Alabama Files for $50M IPO

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National Commerce in Birmingham, Ala., is looking to raise $50 million through an initial public offering.

The $897 million-asset company on Friday filed a registration statement with the Securities and Exchange Commission, though it did not include how many shares it would offer or an expected price.

National Commerce said in the filing that it intends to expand into "attractive, higher growth markets" by buying community banks in the Southeast.

The company in June agreed to buy the $229 million-asset United Group Banking Co. of Florida for an undisclosed price in a deal that is expected to close by the end of March.

National Commerce has nine branches in Alabama and Florida, according to the Federal Deposit Insurance Corp.

Kristin Broughton

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