C1 Bank (BNK)

[grubber]

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.