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C1 Bank files for $50 million IPO


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  • | 4:41 p.m. July 11, 2014
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  • Tampa Bay-Lakeland
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ST. PETERSBURG — C1 Bank has filed documents with the SEC for a $50 million initial public offering.

The bank, with $1.4 billion in assets and 29 branches in Florida, announced the pending IPO in a release today. The bank didn't disclose the number of shares or a price range for the offering, but IPO investment firm Renaissance Capital says C1 intends to raise up to $50 million. C1 filed for the IPO confidentially on June 2, according to Renaissance Capital, and plans to list on the New York Stock Exchange under the symbol BNK.

Keefe Bruyette Woods and Raymond James are the joint bookrunners for the IPO, according to the C1 release.

C1 has grown rapidly over the last five years, going back to when it had $270 million in assets in 2009. The bank is now the 18th largest in Florida and is in the top 1% of fastest-growing banks in the country. Annual revenues are up 31.7%, from $53.25 million in 2012 to $70.15 million in 2013. Trevor Burgess, CEO and an investor in the bank five years ago, was named the 2014 Business Observer's Entrepreneur of the Year for the Tampa region.

 

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