First ULB in California Plans $29 Million IPO That Could Fund M&A

First ULB Corp., the Oakland, Calif., parent company for United Labor Bank, has filed to hold an initial public offering.

The company said in a shelf registration filed on Wednesday with the Securities and Exchange Commission that it plans to raise up to $28.8 million. The filing did not provide the amount of shares that First ULB would sell or a price target.

Union Labor is a thrift with $274.9 million in asset at June 30. Shares would be listed on the Nasdaq Capital Market exchange under the stock symbol "FULB," the filing said.

First ULB also said in the filing that it would use proceeds from the offering to provide capital to United Labor and for possible acquisitions, among other things. It said acquisitions could include whole banks, branches or failed banks.

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