First Carolina Financial Services, the parent company of First Carolina Bank, has submitted paperwork for a US initial public offering.
The group operates across commercial banking, payments, consumer banking and wealth management.
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Keefe, Bruyette & Woods is the sole bookrunner for the transaction, with Raymond James and Hovde Group named as co-managers.
The bank plans to list on the New York Stock Exchange under the ticker “FCBM”.
“This offering is subject to the approval of our listing application,” it said in an SEC filing.
The lender said it has raised about $313.9m through 11 private placements since it was established in 2012.
It said the planned use of proceeds includes general corporate purposes such as enhancing capital ratios, refinancing or repurchasing existing debt, and funding potential acquisitions of banks or related businesses.
The proceeds are also intended to be used in organic expansion, capital spending and also as working capital.
The Raleigh, North Carolina-based lender posted net income of $5.9m on net interest income of $25.5m for the three months ended 31 March, compared with net income of $4.7m on net interest income of $23.8m a year earlier.
As of 31 March 2026, it reported total assets of $3.4bn, loans of $2.7bn, deposits of $3bn and total shareholders’ equity of $353.4m.
Notably, First Carolina Bank finalised its acquisition of digital banking platform BM Technologies in 2025. The deal was valued at roughly $67m, with BM Technologies stockholders receiving $5.00 per share.
