Here come the Benjamins: Franklin Financial Network sets terms for $61 million IPO

Franklin Financial Network, a Tennessee commercial bank with 11 branches and $1.4 billion in assets, announced terms for its IPO on Monday.

The Franklin, TN-based company plans to raise $61 million by offering 2.4 million shares at a price range of $24 to $27. At the midpoint of the proposed range, Franklin Financial Network would command a fully diluted market value of $278 million.

Franklin Financial Network, which was founded in 2007 and booked $56 million in net interest and noninterest income for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol FSB. BofA Merrill Lynch is the sole bookrunner on the deal. It is expected to price during the week of March 23, 2015.