First Western Financial in Denver plans to raise up to $31.4 million through an initial public offering.

The $991.6 million-asset company said Monday in a regulatory filing that it aims to sell roughly 1.5 million shares of common stock for $19 to $21 per share. First Western also expects to grant underwriters a 30-day option to buy an additional 277,500 shares. Shareholders from outside the company plan to sell about 350,000 shares.

First Western will use roughly $25 million to redeem all of its outstanding preferred stock and about $1.2 million to retire all subordinated notes due in 2020, according to the regulatory filing.

First Western, the holding company of First Western Trust, plans to use the remaining capital for organic growth and general corporate purposes, such as maintaining required regulatory capital.

The firm said it will not pay any cash dividends on its common stock for the foreseeable future.

Several other banks have gone public this year. Spirit of Texas Bancshares in Houston completed an IPO in May. Coastal Financial in Everett, Wash., said in June it would seek to raise $30 million by going public.

First Western expects to report $1 million in net income for the second quarter, more than double its net income in the year-earlier quarter, according to the filing.

First Western, which focuses on wealth management and private banking services, has also been an active acquirer. It purchased Englewood Mortgage last year, the investment advisory business GKM Advisers in 2009 and the investment management firm Ryder, Stilwell in 2008.

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