Paragon Commercial could raise up to $29 million when the Raleigh, N.C., company conducts its initial public offering.
The $1.3 billion-asset company
Paragon said it plans to use some of the proceeds from the offering to retire $4.2 million in outstanding loans. Remaining funds could be used for general corporate purposes that include acquisitions or investments in banks or nonbanks.
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Paragon Commercial Bank, Unity Bancorp and Nicolet Bankshares have found success by radically rethinking their strategies.
April 25 -
The First of Long Island Corp. in Glen Head, N.Y., plans a secondary offering of about $35 million of common stock.
May 3 -
Midland States Bancorp in Effingham, Ill., is planning to raise $120 million through an initial public offering. The $company said in a regulatory filing Monday that it has applied to list shares on the Nasdaq Global Select Market.
April 12
"We believe that our business model allows us to create significant value for our stockholders," the filing said. "We operate with significantly fewer employees and a much smaller branch network than other banks our size (based on total assets), which results in much lower operating expenses."
