Coastal Financial in Everett, Wash., aims to raise up to $38.4 million by going public.

The $831 million-asset company announced Tuesday in a regulatory filing that it plans to sell roughly 2.2 million shares of common stock for $13 to $15 per share through an initial public offering. Coastal granted underwriters a 30-day option to buy 408,000 million additional shares. Net proceeds should total roughly $32 million, the company said.

A shareholder also plans to sell 570,000 shares.

Coastal could use the proceeds for acquisitions. Though the company hasn’t previously completed any transactions, it has identified several community banks that “could be a natural fit for our franchise and could meaningfully enhance our value,” it said in the regulatory filing.

The company could also use the capital to support organic growth and for general corporate purposes, such as repaying or refinancing debt and maintaining regulatory capital levels, the company said in the filing.

Coastal follows several other community banks that have gone public or announced plans for an IPO this year. First Western Financial in Denver launched its IPO on Monday. Level One Bancorp in Farmington Hills, Mich., said in April that it raised roughly $29 million through its IPO.

Coastal expects to report net income that ranges between $2.1 million and $2.3 million for the second quarter, compared with $1.9 million a year earlier, according to the filing.

Keefe, Bruyette & Woods and Hovde Group are acting as joint book-running managers for the offering.

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