MOUNTLAKE TERRACE, Wash. – Despite the worst stock market conditions in decades, 1st Security Bancorp, known until April 2004 as Washington’s CU, has filed to go public as part of a plan to raise as much as $30 million.
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The $265 million credit union-convert plans to sell as many as three million shares at $10 each in an initial public offering.
The bank, chartered in 1936 as a credit union, operates 12 branches in the Puget Sound area.
It is the second converted to credit union, following Sunshine State CU (now Bank), that has filed to go public this year. Seventeen of the 33 credit union-converts have gone public with IPOs so far.
