National Commerce Corporation has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given, but the filing is for up to $50 million in common stock. The company will list on the Nasdaq Global Select Market under the symbol NCOM.
Source: Thinkstock
The sole underwriter for the offering is Keefe, Bruyette & Woods, which is a Stifel company.
National Commerce is a bank holding company headquartered in Birmingham, Ala. It operates two subsidiary banks: National Bank of Commerce and United Legacy Bank. The company intends to consolidate National Bank with United Legacy in February 2015, although each of the United Legacy banking offices will continue to operate as “United Legacy Bank, a division of National Bank of Commerce.”
Through these banks, National Commerce provides an array of financial services to businesses, business owners and professionals through eight full-service banking offices in Alabama and six full-service banking offices in Central Florida.
The company also owns a 70% equity interest in CBI Holding Company, which owns Corporate Billing, a transaction-based finance company headquartered in Decatur, Ala., that provides factoring, invoicing, collection and accounts receivable management services to transportation companies and automotive parts and service providers throughout the United States and parts of Canada.
As of September 30, 2014, on a pro forma basis to reflect the acquisition of United Group Banking Company of Florida, National Commerce had total assets of $1.1 billion, total deposits of $962 million, total loans of $857 million and total shareholders’ equity of $134 million.
ALSO READ: 10 Dying and 10 Thriving U.S. Industries
According to the filing, National Commerce plans to use the proceeds from this offering:
… to support our growth, for working capital, and for other general corporate purposes, including to finance our organic growth and expand our business through investments in or acquisitions of bank and non-bank financial services companies that we believe are complementary to our business and consistent with our growth strategy. Pending use of the net proceeds from this offering described above, we may hold any net proceeds in cash or invest them in short-term securities or investments.
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
