The Michigan-based community bank will be the first US bank to go public in 2025, according to a report by Reuters.

The bank plans to offer 7.4 million shares, while existing shareholders will sell an additional 1.5 million shares, with a price range set between $16 and $18 per share. If shares are priced at the top end, the IPO could raise up to $159m.

Castle Creek Capital, which specializes in investments in community banks, initially acquired a 27% stake in Northpointe for $25m in 2019. The firm now holds approximately 33% of the bank.

Founded in 1999 by Charles Williams, Northpointe started as a mortgage-focused lender serving the Midwest, including Michigan, Ohio, and Indiana. Over time, it expanded into a nationwide provider of home loans and retail banking services. The bank currently manages $5.4bn in assets.

Since 2018, Northpointe has raised over $38m in common equity and $220m in preferred equity and debt, strengthening its capital base ahead of the IPO.

Source: Reuters

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