(Reuters) - Northpointe Bancshares is targeting a valuation of up to $595 million in its initial public offering in the United States, the private equity-backed community bank said on Friday.

The Grand Rapids, Michigan-based community bank plans to sell 7.4 million shares, while some existing shareholders are offering 1.5 million shares priced between $16 and $18 each, aiming to raise a total of up to $159 million.

The IPO comes as the banking sector is poised to benefit in a more favorable operating environment with the new Republican administration in the U.S, with analysts suggesting that 2025 could be a new "Goldilocks" period for the industry.

Northpointe will list on the New York Stock Exchange under the symbol "NPB".

Keefe, Bruyette & Woods, Piper Sandler, and Janney Montgomery Scott are the underwriters for the offering.