U.S. bank First Carolina has filed for a New York IPO amid growing investor interest in the financial sector.
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First Carolina Coming to New York
The Raleigh, North Carolina-based lender, which plans to sell new shares in the offering, provides commercial banking, payment, consumer banking and wealth management services. Keefe, Bruyette & Woods is the sole bookrunner for the offering, with Raymond James and Hovde Group acting as co-managers.
First Carolina will list on the New York Stock Exchange under the symbol “FCBM”.
The bank reported a net income of $5.9 million on net interest income of $25.5 million in the three months ended March 31, compared with net income of $4.7 million on net interest income of $23.8 million a year earlier.
The bank, which had $3.4 billion in assets as of March 31, caters to areas such as North Carolina, Georgia, Virginia and South Carolina.
First Carolina was acquired in 2012 by a group of investors from Rocky Mount and elsewhere in North Carolina, according to its website, and has since raised about $313.9 million through private placements.
The lender bought digital banking platform BM Technologies in 2025 to expand its presence in the higher education funds disbursement sector.
Banking’s IPO Wave
After a lull following the 2023 regional banking crisis, there has been a strong comeback in U.S. bank IPOs over the past year. Northpointe Bancshares (NPB), Avidbank (AVBH), Commercial Bancgroup (CBK) and Central Bancompany (CBC) were among the providers that listed last year.
Forbright, founded by former U.S. Representative John Delaney, unveiled its IPO filing last week, moving the U.S. bank closer to its market listing.
Lincoln International (LCLN) said earlier this week that it had raised $421 million in its U.S. initial public offering.
The Chicago, Illinois-based boutique investment bank and selling stockholders sold 21 million shares in the IPO at $20 apiece, the top end of its targeted price range. That gave the company a valuation of roughly $2.04 billion.
Banks are looking at IPOs for a number of reasons as they look to give existing shareholders a chance to liquify their positions. Earnings have been resilient despite economic volatility and is supported by the Trump administration.
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