ALEXANDRIA, La. (KALB) - It appears Alexandria-based Red River bank is going public.
Red River Bank | Photo Source: KALB
The company announced Thursday that it has filed for a proposed initial public offering, or IPO, of shares of common stock with the Security Exchange Commission. It would make Red River Bank the area’s only publicly traded company after Cleco went private in 2016.
According to the filing, Red River Bankshares, Inc., the holding company that operates through Red River Bank, would use the IPO to raise $30 million, presumably to expand on its current footprint in Louisiana that includes a network of 23 banking centers throughout the state and one loan production office in Covington.
Red River Bank said that the number of shares to be offered and the price range for the proposed offering have not yet been determined, but it has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol "RRBI."
Heading into 2019, Red River Bank was the fifth largest financial institution headquartered in Louisiana based on its assets of $1.86 billion.