North American Financial files for IPO of up to $300 million
(Reuters) - North American Financial Holdings Inc, a bank holding company, filed with U.S. securities regulators on Friday to raise up to $300 million in an initial public offering of its Class A common stock.
Led by the former vice chairman of Bank of America Corp (BAC.N), R Eugene Taylor, the company did not reveal how many shares it planned to sell or their expected price, but said it will use the proceeds partly to buy more failed and distressed banks.
North American Financial, which was incorporated in 2009 and operates 82 branches, has acquired five depository institutions, including the assets and certain deposits of three failed banks from the Federal Deposit Insurance Corp since January last year.
The Miami, Florida-based company said it applied to list its shares on Nasdaq.
Credit Suisse, BofA Merrill Lynch and Goldman Sachs are underwriting the offering, the company said in a filing with the U.S. Securities and Exchange Commission.
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO can be different.
(Reporting by Aditi Sharma in Bangalore)
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