BayFirst Financial Corp. ($BAFN) — a St. Petersburg, FL bank holding company — filed for a follow-on/restructuring offering. The community bank runs 11 branches across Tampa Bay–Sarasota with ~$1.20B

The shift is stark: BayFirst exited SBA 7(a) lending in late 2025, selling ~$96.6M of loans to Banesco USA. It’s pivoting to a pure community-bank model focused on C&I, consumer, residential mortgage, and deposits. Use of proceeds centers on capital repair. An $80M PIPE of convertible preferred at an effective $3.50/share lifted pro forma Tier 1 leverage to 10.02% and CET1 to 13.13%. Alfred Rogers is now CEO of the Bank. The bottom line: BayFirst is restructuring after consecutive losses and a financial restatement tied to a $37.0M asset resolution plan. Better capitalized now, but execution risk in a tough community-bank earnings environment remains the real story.

The shift is stark: BayFirst exited SBA 7(a) lending in late 2025, selling ~$96.6M of loans to Banesco USA. It’s pivoting to a pure community-bank model focused on C&I, consumer, residential mortgage, and deposits.