The parent company of FirstBank, which acquired Northwest Georgia Bank in Ringgold, Ga., last year, has filed papers to sell up to $115 million worth of stock to take the privately held banking firm public.
The initial public offering announced Friday would provide FirstBank CEO Jim Ayers, who bought FirstBank in 1984, more than $65 million, including $55 million in cash. FB Financial Corp., would use other proceeds of the stock sale to foster more growth for the Nashville-based bank.
FirstBank has assets of $2.9 billion and is the eighth biggest bank in Tennessee