FCB Financial Holdings, a Florida-based bank formed through acquisitions of eight failed banks, lowered the proposed deal size for its upcoming IPO on Thursday. The Weston, FL-based company now plans to raise $169 million by offering 7.5 million shares (39% insider) at a price range of $22 to $23. The company had previously filed to offer 8.7 million shares at a range of $24 to $27. At the midpoint of the revised range, FCB Financial Holdings will raise 24% fewer proceeds than previously anticipated.
FCB Financial Holdings, which was founded in 2009 and booked $142 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol FCB. Deutsche Bank, J.P. Morgan, BofA Merrill Lynch and UBS Investment Bank are the joint bookrunners on the deal.
