First Carolina files for IPO as US bank listings heat up

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)