First Carolina Financial Services, a community bank with branches in North and South Carolina, Georgia, and Virginia, announced terms for its IPO on Monday.
The Raleigh, NC-based company plans to raise $83 million by offering 5.5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, First Carolina Financial Services would command a fully diluted market value of $454 million.
First Carolina Bank provides commercial and consumer banking services to small and medium-sized businesses, individuals, professionals, and higher education institutions. The company operates a regional banking footprint alongside a national financial services business, supported by a technology-based platform for portfolio management and risk operations. As of March 31, 2026, First Carolina had $3.4 billion in total assets, $2.7 billion in loans, $3.0 billion in deposits, and $353 million in shareholders' equity, as well as over 524,000 customer deposit accounts.
First Carolina Financial Services was founded in 2012 and booked $140 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol FCBM. Keefe Bruyette Woods is the sole bookrunner on the deal. It is expected to price during the week of June 15, 2026.
