First Western Financial in Denver and Coastal Financial in Everett, Wash., have very little in common other than a need for more capital spurred by recent growth.

Each company plans to address those needs by going public.

The $992 million-asset First Western, which promotes itself as a boutique private bank for wealthy western entrepreneurs, is looking to raise $25 million from its proposed initial public offering, according to its prospectus.

Coastal, a traditional community bank with $831 million in assets in the Puget Sound region, is seeking $30 million in capital.

Coastal’s growth has been entirely organic. While it said in its prospectus that it would consider acquisitions, the parent of Coastal Community Bank will also look to add branches and hire bankers to add loans and deposits. Coastal has opened five branches since 2013.

First Western, in contrast, has been an active acquirer, buying assets, investment advisory firms and an insurance agency. The company, which has also opened several branches, plans to pursue acquisitions and organic growth with the capital it raises.

First Western, the parent of First Western Trust, said it also plans to use a portion of the offering's proceeds to retire $25 million in preferred stock and about $7 million in subordinated debt. The move would eliminate roughly $2.9 million in annual costs tied to dividends and interest.

The bank IPO market has perked up as the rate of economic growth has picked up. Eleven banks announced IPOs last year, and the number could rise in 2018. First Western and Coastal Financial are the seventh and eighth banks to disclose plans to go public.

Other notable bank IPOs include Spirit of Texas Bancshares in Houston, which announced plans for a $40 million capital raise in April, and Level One Bancorp, which said in March that its IPO would bring in $25 million.

The $4.1 billion-asset Origin Bancorp in Ruston, La., announced this year’s largest bank IPO when it said in April that it would raise $90 million.

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