SEATTLE – Sound Community Bank, known until 2003 as The Credit Union of the Pacific, said Friday it plans to raise as much as $16 million with an initial public offering. The former credit union plans to float 45% of a holding company called Sound Financial Inc. (for Puget Sound, its home base), and retain a controlling 55% stake, the initial step of a two-step offering. The offering will be underwritten by Keefe Bruyette Woods and managed by Silver, Freedman & Taff, the Washington law firm that specializes in credit union conversions. The shares of the $230 million credit union-turned-bank are expected to debut on the Nasdaq at $10 each.
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