Opus Bank in Irvine, Calif., has launched an initial public offering that could yield as much as $223 million for the company and its shareholders.

Opus is offering approximately 2.8 shares of stock, while shareholders are offering 2.9 shares of stock, according to a preliminary offering filed with the Federal Deposit Insurance Corp. on April 3.

Additionally, underwriters will have a 30-day option to purchase an extra 863,619 shares of common stock from the bank and its selling shareholders.

The $3.7 billion-asset Opus expects the shares will fetch between $31 and $34 each. At the low end, the stock sale would bring in about $177 million, but the haul could be more than 25% more if all the shares, including those offered to the underwriters, are sold at $34.

Opus, which specializes in commercial, retail, merchant and correspondent banking, announced plans to go public three weeks ago. It has applied to list its common stock on Nasdaq under the ticker symbol "OPB."

JPMorgan Chase (JPM), Credit Suisse, Sandler O'Neill, and Keefe, Bruyette & Woods are all acting as book-running managers for the IPO.

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