Tennessee bank Franklin Financial Network files for a $50 million IPO

Franklin Financial Network, a Tennessee commercial bank with 11 branches and $1.2 in assets, filed on Thursday with the SEC to raise up to $50 million in an initial public offering. The company currently trades on the OTCBB with a market cap of about $135 million.

The Franklin, TN-based company was founded in 2007 and booked $53 million in net interest and noninterest income for the 12 months ended September 30, 2014. BofA Merrill Lynch is the sole bookrunner on the deal. No pricing terms were disclosed. The company has not selected a ticker or an exchange.