Northpointe Bancshares, a Michigan-based bank that offers loan and deposit services across the US, raised $151 million by offering 10.4 million shares (17% secondary) at $14.50, below the range of $16 to $18. The offering contained 1.6 million more shares than anticipated, including 1.3 million offered by Northpointe.
Northpointe Bank was founded in 1999 as a focused mortgage portfolio lender primarily operating in the midwestern states of Michigan, Ohio, and Indiana. The bank now offers a nationwide mortgage purchase program, residential mortgage loans, digital deposit banking to retail customers, and custodial deposit services to loan servicing clients. Its delivery systems are primarily digital, and with loan production offices across 23 cities in 15 states, the bank has established a nationwide presence with clients in all 50 states and the District of Columbia. As of September 30, 2024, Northpointe had $5.4 billion in assets, $4.8 billion in gross loans, $3.5 billion of deposits, and $455 million of stockholders' equity.
Northpointe Bancshares plans to list on the NYSE under the symbol NPB. Keefe Bruyette Woods acted as sole bookrunner on the deal.
