Fortune Bank in Seattle said Thursday that it plans to sell up to $460 million in stock through an initial public offering.

Shareholders of the $126.2 million-asset company approved a plan in April to increase the authorized number of shares of common stock from 10 million to 250 million.

Fortune commenced the IPO for 40 million shares of common stock Thursday. The offering is expected to be priced at $8 to $10 a share.

Also, underwriters have a 30-day option to purchase another 6 million shares to cover overallotments.

In a press release in March, the bank said it hoped to raise up to $450 million through the IPO to acquire failed banks. It also planned to bring on a new management team, led by veteran Vancouver banker Martin Glynn, who would become the bank's chief executive officer.

The bank was founded in 2006. As of March 18 it had 300 shareholders and 27 employees.

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