This Data Dispatch includes initial public offerings completed by U.S. banks and thrifts in 2017. For the purposes of this article, an IPO is any initial listing on a major U.S. exchange only. Mutual thrift conversion offerings and companies that were previously listed are not included.
IPO activity in the U.S. banking sector jumped to a multi-year high in 2017 as 10 banking institutions completed IPOs, raising an aggregate $1.14 billion. In 2016, only four banks and thrifts completed an IPO, raising a combined $822.9 million.
Still, 2017 came up short of the $4.85 billion raised in 2014's 12 IPOs, but the majority of the 2014 total came from Royal Bank of Scotland Group Plc's $3.5 billion IPO of U.S. subsidiary Citizens Financial Group Inc.

Santa Rosa, Calif.-based Luther Burbank Corp.
Use of proceeds: Fund cash distribution to existing shareholders.
Keefe Bruyette & Woods Inc. and Sandler O'Neill & Partners LP acted as joint book runners for the offering, Piper Jaffray & Co. served as a lead manager and D.A. Davidson & Co. acted as a co-manager.
Since the IPO priced, the bank's stock has returned 20.1% as of Feb. 14.
Southfield, Mich.-based Sterling Bancorp Inc. — IPO completed
Use of proceeds: Fund growth and for general corporate purposes.
Sandler O'Neill & Partners LP acted as a book runner and American Capital Partners LLC served as a co-manager.
Since the IPO priced, the bank's stock has returned 8.8% as of Feb. 14.
Beaumont, Tex.-based CBTX Inc. — IPO completed Nov. 7
Use of proceeds: Fund organic growth and for general corporate purposes.
Stephens Inc. and Keefe Bruyette & Woods Inc. acted as joint book runners and Sandler O'Neill & Partners LP served as a co-manager.
Since the IPO priced, the bank's stock has returned 8.5% as of Feb. 14.
New York-based Metropolitan Bank Holding Corp. — IPO completed Nov. 7
Use of proceeds: Support growth in Metropolitan Commercial Bank's loan portfolio.
J.P. Morgan Securities LLC and Keefe Bruyette & Woods Inc. acted as joint book runners in the IPO and Piper Jaffray & Co. served as a co-manager.
Since the IPO priced, the bank's stock has returned 29.1% as of Feb. 14.
Malvern, Pa.-based Meridian Bank — IPO completed Nov. 6
Use of proceeds: Repurchase series 2009A, 2009B and 2009C preferred stock for approximately $12.8 million, and for general corporate purposes.
Sandler O'Neill & Partners LP was the sole book runner and Keefe Bruyette & Woods Inc. and D.A. Davidson & Co. acted as co-managers.
Since the IPO priced, the bank's stock has returned 7.4% as of Feb. 14.
Carmel, Ind.-based Merchants Bancorp — IPO completed Oct. 26
Use of proceeds: Support balance sheet growth and for general corporate purposes.
Sandler O'Neill & Partners LP, Stephens Inc. and Raymond James & Associates Inc. acted as joint book-running managers and SunTrust Robinson Humphrey Inc. acted as co-manager.
Since the IPO priced, the bank's stock has returned 28.4% as of Feb. 14.
Los Angeles-based RBB Bancorp — IPO completed July 26
Use of proceeds: Contribute $25 million of net proceeds to subsidiary Royal Business Bank and the remainder for general corporate purposes.
Sandler O'Neill & Partners LP, Keefe, Bruyette & Woods Inc. and Stephens Inc. acted as joint book running managers and FIG Partners LLC served as a co-manager.
Since the IPO priced, the bank's stock has returned 16% as of Feb. 14.
Chicago-based Byline Bancorp Inc. — IPO completed June 29
Use of proceeds: Repay balance on company's line of credit for approximately $16.2 million; repurchase all outstanding Series A preferred stock, subject to regulatory approval; and the remainder for general business purposes.
BofA Merrill Lynch and Keefe Bruyette & Woods acted as joint book-running managers and Piper Jaffray & Co., Sandler O'Neill & Partners LP and Stephens Inc. acted as co-managers.
Since the IPO priced, the bank's stock has returned 11.1% as of Feb. 14.
Jericho, N.Y.-based Esquire Financial Holdings Inc. — IPO completed June 26
Use of proceeds: Support growth of subsidiary Esquire Bank NA's loan portfolio, finance potential strategic acquisitions and for general corporate purposes including other growth initiatives.
Sandler O'Neill & Partners LP acted as the sole book manager.
Since the IPO priced, the bank's stock has returned 55.7% as of Feb. 14.
Houston-based Cadence Bancorp. — IPO completed April 12
Use of proceeds: Support organic growth and for general business purposes.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as joint lead book-running managers, while Sandler O'Neill & Partners LP and Keefe Bruyette & Woods acted as joint passive book runners. Robert W. Baird & Co. Inc., Raymond James & Associates Inc., Stephens Inc., SunTrust Robinson Humphrey Inc. and Tudor Pickering Holt & Co. Securities Inc. served as co-managers.
Since the IPO priced, the bank's stock has returned 40% as of Feb. 14.
The Cadence Bancorp LLC unit completed two follow-on offerings since then, raising a combined $470.4 million.

