Radius Bancorp, a New England-based provider of virtual banking with over $700 million in assets, withdrew its plans for an initial public offering on Thursday. The company originally planned to raise $64 million by offering 5 million shares (73% insider) at a price range of $11.75 to $13.75 and fully diluted market value of $71 million.
There is one bank on the IPO calendar; Avenue Financial Holdings (AVNU) is set to price its $30 million IPO during the week of February 9.
The Boston, MA-based company was founded in 1987 and booked $23 million in net interest and noninterest income for the 12 months ended June 30, 2014. It had planned to list on the NASDAQ under the symbol RADB. Baird and Sandler O'Neill were set to be the joint bookrunners on the deal.
