Commercial Bancgroup, a community bank with branches in Kentucky, North Carolina, and Tennessee, raised $172 million by offering 7.2 million shares (80% secondary) at $24.00, below the range of $25.75 to $27.75. The offering contained 3.4 million more shares (85% secondary) than anticipated. At pricing, the company commands a fully diluted market cap of $342 million.
Through its subsidiary Commercial Bank, the company operates as a full-service community bank with 34 banking offices and one loan production office across Kentucky, North Carolina, and Tennessee. Its primary service areas include the Nashville, Knoxville, and Tri-Cities MSAs and certain other counties in Tennessee, certain communities in Southeast Kentucky, and the Charlotte MSA in North Carolina. As of June 30, 2025, Commercial Bank had total consolidated assets of $2.3 billion, loans of $1.8 billion (net of allowance for credit losses), deposits of $1.9 billion, and total shareholders' equity of $235 million.
Commercial Bancgroup plans to list on the Nasdaq under the symbol CBK. Hovde Group acted as sole bookrunner on the deal.
