First Carolina, a Raleigh, North Carolina-based lender, has filed for an initial public offering (IPO) as U.S. bank listings gain momentum.
The bank reported a net income of $5.9 million on net interest income of $25.5 million for the quarter ended March 31, compared to $4.7 million and $23.8 million respectively, a year earlier.
The bank, which had $3.4 billion in assets as of March 31, serves regions including North Carolina, Georgia, Virginia, and South Carolina.
First Carolina was acquired in 2012 by investors from Rocky Mount and other areas in North Carolina and has since raised approximately $313.9 million through private placements.
Keefe, Bruyette & Woods is the sole bookrunner for the offering, with Raymond James and Hovde Group as co-managers. The bank will list on the New York Stock Exchange under the symbol "FCBM".
Background
After a lull following the 2023 regional banking crisis, U.S. bank IPOs have mounted a strong comeback over the past year as investors look beyond earlier headwinds. Northpointe Bancshares, Avidbank, Commercial Bancgroup, and Central Bancompany were among the U.S. banks that tapped public markets last year.
The IPO of First Carolina is a significant step in the ongoing recovery of the U.S. banking sector, signaling renewed investor confidence. Market participants will be closely watching the performance of First Carolina's IPO as an indicator of broader trends in the financial sector.
