May 22 (Reuters) - First Carolina Financial Services filed for a U.S. initial public offering on Friday, disclosing a jump in first-quarter profit as a strong run of new listings by U.S. banks extends into 2026.
The Raleigh, North Carolina-based lender reported a net income of $5.9 million on net interest income of $25.5 million in the three months ended March 31, compared with net income of $4.7 million on net interest income of $23.8 million a year earlier.
After a lull following the 2023 regional
banking crisis, U.S. bank IPOs have mounted a strong comeback over the past year as investors look beyond earlier headwinds.
Northpointe Bancshares, Avidbank, Commercial Bancgroup and Central Bancompany were among the U.S. banks that tapped public markets last year.
Forbright, founded by former U.S. Representative John Delaney, unveiled its IPO filing last week, moving the U.S. bank closer to its market listing.
First Carolina, which plans to sell new shares in the offering, provides commercial banking, payment, consumer banking and wealth management services.
The bank, which had $3.4 billion in assets as of March 31, caters to areas such as North Carolina, Georgia, Virginia and South Carolina.
First Carolina was acquired in 2012 by a group of investors from Rocky Mount and elsewhere in North Carolina, according to its website, and has since raised about $313.9 million through private placements.
The lender bought digital banking platform BM Technologies in 2025 to expand its presence in the higher education funds disbursement sector.
Keefe, Bruyette & Woods is the sole bookrunner for the offering, with Raymond James and Hovde Group acting as co-managers.
First Carolina will list on the New York Stock Exchange under the symbol "FCBM".
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
