SEATTLE – In one of the fastest sales of a credit union-convert, Sound Financial Inc., known until 2003 as Credit Union of the Pacific, said Friday it plans to raise up to $17 million with an initial offering of stock to depositors and the public.
In the first step of an expected two-step offering, the former credit union will sell 45% of the banking holding company to the public and the rest will be retained for later sale.
The former credit union is headed by Laura Stewart, who testified during congressional hearings on credit union conversions last year that not all credit union converts end up as publicly traded banks.
The bank converted from a credit union in May 2003 with $141 million in assets and has grown since then to $232 million in assets. The offer is being underwritten by Keefe, Bruyette & Woods and managed by the Washington firm of Silver, Freedman & Taff.
