Plains Capital Corp, a Dallas-based bank holding company and mortgage lender, said it expects its initial public offering of 15 million shares to be priced at $14 to $16 a share, in what could be the first IPO by a bank in more than two years.
The company, which planned in August to raise up to $140 million in an IPO to repay the funds it received from the U.S. Treasury, said its shares have been authorized for listing on the New York Stock Exchange under the ticker symbol PCB.
J.P. Morgan will act as the sole book-runner for the proposed offering, the Texas bank, which was founded in 1987, said in a regulatory filing with the U.S. Securities and Exchange Commission. As of June 30, 2009, Plains Capital had total assets of about $4.4 billion and total deposits of about $2.9 billion.
It said in August that it planned to redeem about $92 million of its preferred stock sold under the U.S. government's Troubled Asset Relief Program, and repay $20 million of debt owed to a JP Morgan unit.
The last bank to launch an IPO was Encore Bancshares Inc, which raised $41.6 million in July 2007.
(Reporting by Anurag Kotoky in Bangalore; Editing by Ratul Ray Chaudhuri)