North American Financial, the Miami-based commercial bank holding corporation operate through the past vice chairman of commercial bank of America, has filed to go public.
The company, a serial acquirer of local community and regional banks, stated on Friday that it prepared to increase as a lot as $300 million via an original community store offering.
The private-equity backed firm, which started out in 2009, do not disclose the amount of shares it anticipated to market or their prepared price. The $300 million focus on was an estimate, and also the dimension with the I.P.O. could change. The shares are anticipated to industry on Nasdaq.
North American, according to some regulatory filing, ideas to make use of the proceeds to acquire other banks, which include some failed institutions.
The company has currently used more than 5 banks, 3 of which experienced collapsed. more than all, the corporation operates 82 branches in in Florida, North Carolina and South Carolina. It will shortly acquire a sixth bank, eco-friendly Bankshares, expanding its achieve to 146 branches.
North American is backed by non-public equity firms, which include Crestview Partners and Oak Hill Advisors.
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