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Commercial Bancgroup in Tennessee plans initial public offering

Commercial Bancgroup in Harrogate, Tenn., is planning an initial public offering.

The $2.3 billion-asset company plans to raise $173 million, according to published reports.

Net proceeds would be largely used to repay debt tied to the Community Trust Loan Agreement and to redeem outstanding subordinated debentures and trust preferred securities.

Hovde Group is the sole bookrunner on the deal.

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