Jan 23 (Reuters) - Private equity-backed Northpointe

Bancshares filed for an initial public offering in the United

States on Thursday, setting the stage for the first notable U.S.

bank flotation in New York this year.

WHY IT'S IMPORTANT

The post-election optimism around the banking sector is set

to continue in 2025, fueled by hopes of an easing regulatory

environment and lower corporate taxes.

Chain Bridge Bancorp ( CBNA ), a lender popular among

Republicans since its inception, went public last year. Its

shares are up 12% from the IPO price, as of last close.

Northpointe's IPO, one of the few in the banking sector in

recent years, also comes at a time when the market has been

dominated by energy companies so far this year.

CONTEXT

Northpointe was founded in 1999 as a mortgage portfolio

lender mainly operating in the Midwestern states of Michigan,

Ohio and Indiana.

The bank has expanded since then, and now offers a

nationwide mortgage repurchase program and deposit banking to

retail customers.

The Grand Rapids, Michigan-based bank and some of its

existing shareholders will sell shares in the proposed offering.

Private equity firm Castle Creek Capital is among

Northpointe's major shareholders.

BY THE NUMBERS

The bank had $5.4 billion in assets, as of Sept. 30, and has

originated more than $190 billion in home loan financing over

the last 10 years.

Net income available to common stockholders was $38.3

million, or $1.49 per share, in the first nine months of 2024,

compared with $24.9 million, or 96 cents per share, a year

earlier.

WHAT'S NEXT

Northpointe will list on the New York Stock Exchange under

the symbol "NPB".

It plans to use the IPO proceeds for general corporate

purposes, including growing existing lines of business or to

redeem preferred stock.

Keefe, Bruyette & Woods is the sole underwriter for the

offering.