BNK

C1 Bank

NYSE

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BNK

C1 Bank

NYSE

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stocktrademan Free

08/20/15 3:28 PM

Post #20

polkat

10/08/14 10:52 AM

Post #19

Re: #17: @grubber - Not to happy about the shares being put

I'll be honest I don't have enough in it to actually jump on the conf call but I'll catch the recap.

polkat

09/27/14 11:50 AM

Post #18

Re: #17: @grubber - Not to happy about the shares being put

Holding 18s fairly well.

grubber

09/12/14 3:45 PM

Post #17

Not to happy about the shares being put in the market. hopefully they put the money to good use, Besides rewarding themselves with more stock.

polkat

09/09/14 2:24 AM

Post #16

Re: #15: @grubber - Looking good so far, did you establish a

I did. I scooped a little last Tues and Wed in the 17.2s

loving the increasing volume. let's see if the volume goes past the ipo day :)

grubber

09/09/14 2:08 AM

Post #15

Re: #14: @polkat - looks like you nailed it so far :)

Looking good so far, did you establish a position yet?

polkat

09/09/14 1:50 AM

Post #14

Re: #13: @grubber - Bought more last week at 16.73, good little

looks like you nailed it so far :)

grubber

08/25/14 11:18 AM

Post #13

Bought more last week at 16.73, good little bounce off of that low. I suspect a slow creep in pps in the next few weeks.

polkat

08/18/14 10:56 PM

Post #12

haven't scooped any yet. waiting til after the 5 day Period post ipo. not looking bad tho

grubber

08/18/14 10:45 PM

Post #11

Re: #9: @grubber - Published: August 14, 2014 at 10:18 am EST

Not looking great, quarterly fins should put this on track.

polkat

08/15/14 11:57 AM

Post #10

watching right now. looking for a potential opp ;)

grubber

08/14/14 10:24 AM

Post #9

Published: August 14, 2014 at 10:18 am EST
By: Martin Blanc
Click Ticker to See live coverage
BNK SFBS FCB
C1 Financial Inc (BNK), a regional bank based in Florida, has begun trading on the New York Stock Exchange (NYSE) today, after selling around 2.6 million of its common shares for $17 apiece. Bruyette & Woods Inc., Raymond James & Associates Inc., and Keefe will be co-book runners for the IPO offering.

The underwriters will have a 30-day option to scoop up an additional 394,737 shares at the offer price minus the underwriter discount. The IPO price of $17 set last night is less than the $18-20 range expected earlier, signaling muted investor interest. The sentiments seem especially true considering that C1 Financial stock is flat as of 10:12AM EDT.

The company has 29 locations and $1.4 billion in assets in Florida, according to its S-1 filing with the SEC. It plans to raise around $50 million from the IPO, giving it a market cap of approximately $300 million. The bank is also in the top 5th percentile of all banks in the US in terms of asset growth, with the value of assets increasing more than five-fold in the last four years to $1.4 billion as of June 30, 2014.

In 2013, C1 Financial made $418 million in loan commitments with a focus on business and entrepreneurship in Florida. The bank believes in a simple deposit account system with only two types of checking accounts for businesses and families.

Its non-interest bearing deposits have grown at a compound annual growth rate (CAGR) of 83% since 2010, clocking in at $226 million as of March 31, 2014. Overall deposits have grown at a CAGR of 47% in the same period to $1.1 billion.

C1’s banking operations are primarily concentrated in Tampa-Bay, Miami-Dade, and Orlando. The bank manages risk by limiting fixed rate loans to a maximum of five years. More than 60% of loans have some kind of a variable component. The company plans to open four new banking centers by 2015 and one loan production office by the end of the current year.

It will use IPO proceed for working capital and other general corporate purposes, which might include growing business organically as well as inorganically. It does not intend to pay dividend in the near future, and will use its free cash flows for growth purposes.

The profit before income and taxes was $19.6 million for fiscal 2013 (FY13), up 80% year-over-year. The worth of total assets rose 40% to $1.3 billion. The adjusted yield on loan clocked in at 5.59% for the year, up from 5.44% in FY12. The adjusted cost of deposits fell from 0.8% to 0.59% during the same period.

FCB Financial Holdings Inc (FCB) and ServisFirst Bancshares, Inc. (SFBS) both have significant presence in Florida and had their IPO’s recently. However, both are trading below their offer prices. It remains to see whether C1 Financial’s IPO performance can reverse this trend. C1’s stock performance in the first hour of trading on the NYSE does not seem to indicate any reversal.

grubber

08/14/14 8:58 AM

Post #8

Looks like the IPO is slated for today, I think I'll plunk down some cash on this and see where it goes.

grubber

08/10/14 5:50 AM

Post #7

I havent come across anything new yet, I am Looking for the IPO sometime this month.

polkat

08/01/14 9:41 PM

Post #6

Re: #3: @grubber - I have been looking for a different bank

any updates on this guy?

grubber

07/13/14 2:56 AM

Post #5

Re: #4: @grubber - Five insiders currently control about 71 percent of

Other bank executives and board members control smaller amounts of stock, less than 1 percent each. They include:

Rita Lowman, executive vice president and chief operating officer, 867,114 shares

Neil Grossman, co-founder and chief investment officer of TKNG Capital Partners LLC and the husband of HSN Inc. CEO Mindy Grossman, HSN Inc. CEO, 750,000 shares

Cristian Melej, chief financial officer, 532,000 shares

Kathryn Pemble, president, chief credit officer and board vice chairman, 142,915 shares

William Sedgeman, senior lender, West Florida market manager, and bank chairman, 30,387 shares

Adelaide “Alex” Sink, former Florida CFO, founder and chairman of Florida Next Foundation and bank director, 36,619 shares

C1 Financial is the parent of C1 Bank, with $1.4 billion in assets as of March 31, and 28 banking centers and one loan production office on the west coast of Florida and in Miami-Dade and Orange Counties.

grubber

07/13/14 2:55 AM

Post #4

Re: #3: @grubber - I have been looking for a different bank

Five insiders currently control about 71 percent of the outstanding stock of C1 Financial Inc., the St. Petersburg bank holding company that’s preparing to go public.

It’s unclear at this point how much their holdings could be diluted by an initial public offering. The bank, which indicated in a registration statement filed with the U.S. Securities and Exchange Commission that it expected to raise about $50 million in the IPO, has not said how many shares it plans to sell or at what price it will sell them.

Pre-IPO, the largest single stockholder is Marcel Faria de Lima, bank director, with 28.7 million shares, or 30.77 percent of the outstanding stock. With a net tangible book value pre-IPO of $1.48 per share, his holdings are currently worth about $42.5 million. Net tangible book value is total equity reduced by goodwill and other intangible assets divided by total common shares outstanding. The price of the stock offered in the IPO is likely to be higher.

Lima, a former commercial banker and investment banker, is an entrepreneur with interests in companies in the United States, Brazil, Mexico, Turkey, Denmark, Portugal and Russia.

Other major stockholders, their holdings and the pre-IPO value are:

Erwin Russel, a business partner of other principal stockholders, 15.3 million shares, 16.4 percent of the outstanding stock, $22.6 million

Marcio Camargo, also a business partner of other stockholders, 12.6 million shares, 13.44 percent of the outstanding stock, $18.7 million

Trevor Burgess, CEO, 8.9 million shares, 9.5 percent of the outstanding stock, $13.2 million

Phillip Burghardt, a founding director of the bank, 1.3 million shares, 1.4 percent of the outstanding stock, $1.9 million

grubber

07/13/14 2:53 AM

Post #3

Re: #2: @grubber - I will be looking to purchase shares when

I have been looking for a different bank stock to invest in. I currently hold SNV and its stock has been stagnet for awhile now, and the dividend is paltry. Any thoughts?

grubber

07/13/14 2:43 AM

Post #2

Re: #1: @grubber - C1 Financial filed papers with the U.S. Securities

I will be looking to purchase shares when the IPO hits, will continue to Do my DD on this company, looks good so far.

grubber

07/13/14 2:40 AM

Post #1

C1 Financial filed papers with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock on Friday.

The bank is looking to raise$50 million, according to Renaissance Capital.

Raymond James & Associates in St. Petersburg is among the bookrunners for the offering along with Keefe Bruyette & Woods Inc. out of New York.

C1 Bank, led by CEO Trevor Burgess, had local deposits of $729.9 million as of June 30, 2013.

The number of shares and the price range of the offering have not yet been determined, according to a statement.

The bank had a triple digit income increase, from $332,000 in Q1 2013 to $2.5 million in Q1 2014, up 661 percent.

C1 Bank recently made news with an announcement that the company would establish a minimum per-hour pay of $14 for full time employees. “We thought the ethical thing to do was to make sure all employees had a living wage and were benefiting from the success we had,” C1 Bank CEO Trevor Burgess said.

The company changed its name to C1 from Community Bank & Co. and moved its headquarters from Lakewood Ranch to downtown St. Petersburg in 2012.

C1 is No. 19 in the Florida Community Banks List published today in Tampa Bay Business Journal and sister markets Jacksonville, Orlando and South Florida. That list is ranked by total loans and leases as of March 31, 2014.