Fidelity Southern (LION) in Atlanta is planning to raise $60 million in a public offering.
The $2.5 billion company said in a press release that it plans to use the proceeds, along with cash on hand, to exit the Treasury Department's Troubled Asset Relief Program and redeem two other series of preferred stock.
Keefe, Bruyette & Woods, Robert W. Baird and FIG Partners are involved with the offering. The underwriters have an option to buy up to an additional 15% of shares to cover overallotments.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.
The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.
