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First IPOs of 2015: Bank for dairy farmers; outsourcer

Posted January 15, 2015 10:00 pm

The Associated Press

NEW YORK (AP) - A bank for dairy farmers and a company that provides services for workers' compensation insurers were among the first initial public offerings of the year.

The bank fared better with investors Friday. County Bancorp Inc. shares rose, while Patriot National Inc. fell.

Here's more about Friday's IPOs:

COUNTY BANCORP

The Manitowoc, Wisconsin-based bank provides loans to dairy farmers. It raised about $18.6 million after offering 1.18 million shares at $15.75 per share. It plans to use the cash raised to provide more loans. The stock is being traded on the Nasdaq stock exchange under the symbol "ICBK." Its shares rose $1.25, or 7.9 percent, to close at $17.

PATRIOT NATIONAL

Patriot National, which provides services to workers' compensation insurers, raised $116.4 million after offering more than 8.3 million shares at $14 per share. The Fort Lauderdale, Florida, company plans to use some of the money raised to pay down debt. The stock is trading on the New York Stock Exchange under the symbol "PN." Its stock fell 50 cents, or 3.6 percent, to close at $13.50.

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