United Community Banks, Inc.'s subsidiary, Commercial Bancgroup (CBK.US), has submitted an IPO application, planning to raise $173 million.

Commercial Bancgroup, a community bank with branches in Kentucky, North Carolina, and Tennessee, submitted an IPO application to the U.S. Securities and Exchange Commission on Tuesday, with plans to raise $173 million. Through its subsidiary Commercial Bank, the company operates as a full-service community bank with 34 banking offices and one loan production office in Kentucky, North Carolina, and Tennessee. Its primary service areas include Nashville, Knoxville, and the Tri-Cities MSA, as well as certain other counties in Tennessee, communities in southeastern Kentucky, and the Charlotte MSA in North Carolina. As of June 30, 2025, Commercial Bank had total assets of $2.3 billion, loans of $1.8 billion (net of credit loss reserves), deposits of $1.9 billion, and total shareholder equity of $235 million. The company was founded in 1975 and had revenues of $89 million for the twelve months ending June 30, 2025. It plans to list on the Nasdaq with the stock symbol CBK. Commercial Bancgroup submitted the application secretly on March 31, 2025. Hovde Group is the sole bookrunner for the transaction. The company did not disclose the pricing terms.