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Lending

Mortgage lender C1 Bank files for IPO

Trevor Burgess becomes first openly gay CEO of a publicly traded company

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C1 Financial is set to go public with the launch of its initial public offering on Thursday. The bank, based in St. Petersburg, Florida, is the 20th largest bank in the state of Florida and its assets exceed $1.4 billion.

The company announced the pricing of its IPO on Wednesday, with a common stock price of $17 per share for its initial offering of 2,631,579 shares. The firm also offers mortgage lending to clients, among other things.

Of significant note is the fact that the bank’s CEO, Trevor Burgess, would become the first openly gay CEO of a publicly traded company when C1 Financial goes public on Thursday.

The Wall Street Journal highlights Burgess’ unique place in history.

In the S-1 form that C1 had to file in preparation for the IPO, Burgess disclosed that his husband, Gary Hess, holds shares in the company – a line that wouldn’t have been necessary before last year’s Supreme Court decision extending federal benefits to same-sex couples, he said.

Burgess said he’s happy to mark the milestone but also “a little bit sad” to have no company.

There are no openly gay CEOs in the Fortune 1000, said Deena Fidas, director of the Human Rights Campaign’s workplace equality program.

According to the WSJ report, Burgess has been open about his sexuality throughout his career, including his 10 years at Morgan Stanley (MS).

He recalled a few instances in which clients made comments against homosexuality but said in general his personal life hasn’t been an issue at work.

“At the end of the day, I think that my clients and my colleagues really appreciated me for who I was and the fact that I was good and being good mattered more than anything else,” he said.

Burgess told the WSJ that he hopes other CEO’s will follow suit and looks forward to a time when a company’s leader is judged not on his or her sexuality but on their results.

“I’m excited that there will be at least one example for people,” Burgess told the Journal. “We’ve got good examples for basketball players, arts, football, but where’s Wall Street?”

The bank will trade on the New York Stock Exchange under the symbol “BNK.”

Keefe, Bruyette & Woods and Raymond James & Associates are acting as joint bookrunners for the offering. Sandler O'Neill & Partners, Wunderlich Securities, Hovde Group and Monroe Financial Partners are acting as co-managers for the offering.

Source: WSJ
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