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Based in Coral Gables, Florida, Capital Bank Financial (NASDAQ:CBF) scheduled a $251 million IPO with a market capitalization of $735 million at a price range mid-point of $22.for Friday, September 21, 2012.

Seven IPOs are scheduled for the week of September 17. Full IPO calendar available here.

CBF S-1 filed September 10, 2012.

Manager / Joint Managers: Credit Suisse/ BofA Merrill Lynch/ Goldman, Sachs/ Barclays/ FBR.
Co Managers: Keefe, Bruyette & Woods/ Sandler O'Neill + Partners, L.P.

SUMMARY
CBF has acquired failed banks and non-failed banks since it was organized in 2009. CBF was funded with $1 billion in private placements in 2009 and 2010.

CONCLUSION
The best comparison is BankUnited (NYSE:BKU), which is a similar Florida roll-up in a similar market. The problem is BKU sells at 12 times earnings and CBF wants to IPO at 34 times earnings, annualized for the six months ended June 2012.

Plus, BKU's stock has gone nowhere since its IPO January 27, 2011.

Therefore, pass on the CBF IPO, not worth the comparative risk.

BUSINESS
CBF is a bank holding company incorporated in late 2009 with the goal of creating a regional banking franchise in the southeastern region of the United States through organic growth and acquisitions of other banks, including failed, underperforming and undercapitalized banks.

In December 2009 and January and July 2010, CBF raised approximately $900 million to make acquisitions through a series of private placements of common stock.

Since then, CBF has acquired six depository institutions, including the assets and certain deposits of three failed banks from the Federal Deposit Insurance Corporation. CBF expects to complete the acquisition of a seventh institution through the acquisition of Southern Community Financial in the second half of 2012.

As of June 30, 2012, and after giving pro forma effect to the acquisition of Southern Community Financial, CBF operated 165 branches in Tennessee, Florida, North Carolina, South Carolina and Virginia. Through branches, CBF offers a wide range of commercial and consumer loans and deposits, as well as ancillary financial services.

After giving pro forma effect to the acquisition of Southern Community Financial, as of June 30, 2012, CBF had $7.7 billion in total assets, $5.0 billion in loans, $6.1 billion in deposits and $1.0 billion in shareholders' equity.

MANAGEMENT
CBF was founded by a group of experienced bankers with a multi-decade record of leading, operating, acquiring and integrating financial institutions.

The executive management team is led by Chief Executive Officer, R. Eugene Taylor. Mr. Taylor is the former Vice Chairman of Bank of America Corp., where his career spanned 38 years, including tenure as President of the Consumer and Commercial Bank.

He also has extensive experience executing and overseeing bank acquisitions, including NationsBank Corp.'s acquisition and integration of Bank of America, Maryland National Bank and Barnett Banks, Inc.

The Chief Financial Officer, Christopher G. Marshall, has over 30 years of financial and managerial experience, including service as the Chief Financial Officer of Fifth Third Bancorp and as the Chief Operations Executive for Bank of America's Global Consumer and Small Business Bank.

The Chief Risk Officer, R. Bruce Singletary, has over 32 years of experience, including 19 years of experience managing credit risk. He has served as Head of Credit for NationsBank Corp. for the Mid-Atlantic region and as Senior Risk Manager for commercial banking for Bank of America's Florida Bank. Kenneth A. Posner serves as Chief of Investment Analytics and Research. Mr. Posner spent 13 years as an equity research analyst at Morgan Stanley focusing on a wide range of financial services firms.

USE OF PROCEEDS
CBF is expected to net $112 million from its IPO. Proceeds are allocated for general corporate purposes, including the acquisition of depository institutions through traditional open bank and FDIC failed bank acquisitions, as well as through selective acquisitions of financial services companies or of assets, deposits and branches.

Source: IPO Preview: Capital Bank Financial