Paragon Commercial could raise up to $29 million when the Raleigh, N.C., company conducts its initial public offering.
The $1.3 billion-asset company said in a regulatory filing Thursday that it plans to list an undisclosed amount of shares on the Nasdaq. The company did not provide any pricing for the planned IPO.
Paragon said it plans to use some of the proceeds from the offering to retire $4.2 million in outstanding loans. Remaining funds could be used for general corporate purposes that include acquisitions or investments in banks or nonbanks.
"We believe that our business model allows us to create significant value for our stockholders," the filing said. "We operate with significantly fewer employees and a much smaller branch network than other banks our size (based on total assets), which results in much lower operating expenses."