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Sunday, April 11, 2021

Bank with North Texas connections now trading on NASDAQ

Among the initial public offerings planned for the week of Aug. 12 is one with North Texas connections.

CrossFirst Bankshares – Leawood, Kan., 7.1 million shares, priced $15-$17, managed by Keefe Bruyette Woods/Raymond James. Proposed Nasdaq symbol CFB. Business: Kansas bank with seven full-service locations across four states.

The shares began trading on the Nasdaq Global Select Market on Aug. 15. The offering is expected to close on August 19, 2019, subject to the satisfaction of customary closing conditions.

CrossFirst Bank has some familiar names involved.

George Jones, who spent a career building and running local banks, was persuaded to come out of retirement to lead CrossFirst’s market entry. Jones founded Texas Capital Bank in 1998, grew its assets to $12 billion and retired as CEO in 2013.

“I’ve banked in Dallas all my life. When my non-compete burned off from Texas Capital, I got a call from [CrossFirst CEO] Ron Baldwin. He said, ‘Have you got another one in you?’ ” Jones told the Business Press in 2017.

Jones became vice chairman of the bank’s parent company, CrossFirst Holdings, which was founded in 2007 during the nationwide financial crisis. Baldwin and a handful of others raised more than $15 million in capital and now have about 1,250 investors and $250 million in capital.

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