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Originally published Tuesday, November 18, 2008 at 12:00 AM

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Small bank plans IPO to raise up to $30 million

First Security Bancorp in Mountlake Terrace unveiled plans Monday to raise $19 million to $30 million by selling shares for $10 each.

Seattle Times business reporter

Despite a lifeless IPO market and the suffering of bank stocks in particular, another local bank is hoping to raise millions from investors.

First Security Bancorp in Mountlake Terrace unveiled plans Monday to raise $19 million to $30 million by selling shares for $10 each.

Anchor Bank of Lacey said last month that it hopes to raise $38 million to $60 million.

The mutually owned First Security is a savings bank with 12 offices in the Puget Sound area, and focuses on lending in commercial business, commercial real estate, construction and development. Because of its origins as a credit union, it also has a large chunk of consumer loans.

The IPO would increase the bank's capital for future growth and give it more operating flexibility, although it has no immediate plans to expand its branch network or making acquisitions, according to a regulatory filing.

First Security has not set a date for the IPO.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

Copyright © 2008 The Seattle Times Company

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