by Scott Harrison, Nashville Business Journal
Shares of Franklin Synergy Bank’s parent company traded flat on their first day on the public markets.
Franklin Financial Network (NYSE: FSB) shares closed at $21 Thursday afternoon, which is exactly where they debuted as part of the bank’s initial public offering. Franklin Synergy sold 2.64 million shares of common stock, putting the deal size at more than $55 million.
The underwriters of the IPO, led by Bank of America Merrill Lynch, have the option to purchase 396,000 additional shares of common stock. Should they exercise that option in full, Franklin Synergy’s IPO totals $63.75 million.
Franklin Synergy Chairman and CEO Richard Herrington discussed the future steps for the bank with me Thursday, saying the $1.4 billion asset bank is positioned to double in size in the next two to three years.