Investar Holding, a Louisiana commercial bank with 10 offices, filed on Friday with the SEC to raise up to $45 million in an initial public offering. The bank had $674 million in consolidated assets at the quarter-end, up from $395 million one year ago. Its loan portfolio focuses on commercial real estate (35% of total loans), consumer loans (25%) and mortgages (22%).
The Baton Rouge, LA-based company, which was founded in 2006 and booked $27 million in net interest and noninterest revenue for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol ISTR. Sandler O'Neill is the sole bookrunner on the deal. No pricing terms were disclosed.
