C1 Financial kicks off IPO

ST. PETERSBURG — C1 Financial Inc. has launched its initial public offering of shares of its common stock. C1 is offering 2.63 million shares of common stock at an expected price range between $18 and $20 per share.

According to a release, C1 has also granted the underwriters a 30-day option to purchase up to an additional 394,737 shares to cover any over-allotments. The common stock is expected to trade on the New York Stock Exchange under the symbol “BNK.”

Keefe Bruyette & Woods Inc. and Raymond James & Associates Inc. are acting as joint bookrunners for the offering and will be offering the company's prospectus. Sandler O'Neill & Partners LP, Wunderlich Securities Inc., Hovde Group LLC and Monroe Financial Partners Inc. are acting as co-managers for the offering.

C1 Bank has 28 locations along the west coast of Florida, plus a loan production office in Miami. As of March 31, it had total assets of $1.41 billion and quarterly interest income of $15.1 million, according to its latest Federal Deposit Insurance Corp. filing.