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Micro-cap bank BankFlorida postpones $65 million IPO

October 29, 2018
BFL

BankFlorida, a community bank with one branch in Southern Florida, postponed its IPO on Monday due to market conditions.

It had filed an offering circular with the FDIC to raise $65 million by offering 6.2 million shares at a price range of $10 to $11. The capital raise represents 87% of its proposed market cap ($75 million). The bank recently brought in a new management team from Atlantic Coast Financial, which was acquired earlier this year for $145 million.

The Palm Beach Gardens, FL-based company was founded in 2007 and booked $3 million in revenue for the 12 months ended June 30, 2018. It had planned to list on the Nasdaq under the symbol BFL. B. Riley FBR was set to be the sole bookrunner on the deal.