C1 Financial, a Florida commercial bank with 29 locations and $1.4 billion in assets, announced terms for its IPO on Thursday. The St. Petersburg, FL-based company plans to raise $50 million by offering 2.6 million shares at a price range of $18 to $20. At the midpoint of the proposed range, C1 Financial would command a fully diluted market value of $303 million.
C1 Financial, which was founded in 1995 and booked $75 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol BNK. Keefe Bruyette Woods and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of August 11, 2014.
