Investar Holding, the parent company of Baton Rouge-based Investar Bank, is set to go public Tuesday.
Shares of the bank stock will begin trading on the Nasdaq, under the ticker symbol ISTR. Nearly 2.9 million shares of stock, priced at $14 per share, will be offered to investors.
Regional banks such as Investar have climbed high on the stock exchange in recent years, notes Motley Fool. New Orleans-based First NBC Bank went public in May 2013; the stock has gone from trading at $24.50 a share to closing Monday at $33.51 a share.
In September, Investar announced it was considering becoming a publicly traded company and that shareholders would vote on the IPO offering on Halloween.
Investar had total assets of $674 million as of March 31 and 10 branches, two each in Baton Rouge and Mandeville, and one each in Metairie, Lafayette, Prairieville, Port Allen, Denham Springs and Hammond. Investar has about 170 employees at its branches.
The bank is currently building a branch on Highland Road, in front of Alexander’s Highland Market. That branch is set to open sometime in the next few months. Last month, Investar bought land for a branch at the intersection of Airline Highway and Commerce Centre Drive in Prairieville. That branch should open by the end of the year. A second Lafayette branch, at 1510 Kaliste Saloom Road near River Ranch, is also in the works.
The bank was founded in June 2006 with an initial capitalization of $10.1 million from local investors.