BankFlorida, a community bank with one branch in Southern Florida, filed with the FDIC for an initial public offering. The offering will be made by means of an offering circular.
The Palm Beach Gardens, FL-based company plans to raise $65 million by offering 6.2 million shares at a price range of $10 to $11. At the midpoint of the proposed range, BankFlorida would command a fully diluted market value of $75 million. The IPO float will represent 87% of the post-IPO market cap.
The IPO will fund the company's expansion plans, having recently brought in the former executive team from Atlantic Coast Financial Corp. (Nasdaq: ACFC), after it was sold to Ameris Bank for $145 million in May.
The company was founded in 2007 and booked $3 million in revenue and a net loss of -$0.2 million for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol BFL. B. Riley FBR is the sole bookrunner on the deal. It is expected to price during the week of October 29, 2018.
