Northpointe Bancshares is targeting a valuation of up to $595 million in its initial public offering in the United States, the private equity-backed community bank said on Friday. The Grand Rapids, Michigan-based community bank plans to sell 7.

(Reuters) - Northpointe Bancshares is targeting a valuation of up to $595 million in its initial public offering in the United States, the private equity-backed community bank said on Friday.

Michigan-based community bank Northpointe Bancshares (NPB) is the first U.S. lender to hold an initial public offering (IPO) this year.

Private equity-backed Northpointe Bancshares said on Friday that it was aiming for a valuation of up to $594.8 million in its upcoming New York IPO, one of the biggest by an American lender in a decade and the first U.