People's Bank of Commerce (PBCO) in Medford, Ore., has begun an effort to raise $5 million in capital.

The $168 million-asset asset lender is offering as many as 500,000 shares at $10 per share, it announced Monday. The stock closed Friday at $9.85 a share; it had risen 1.5%, to $10, at midday Monday.

People's will sell the shares exclusively to its existing shareholders through July 8, after which it will offer the unsold shares to bank employees and other investors. The offering will run through Aug. 31.

People's will use the proceeds to support its capital levels and to fund growth, it said. Its Tier 1 leverage ratio was 9.97% and its total risk-based capital ratio was 13.35% as of March 31, according to the Federal Deposit Insurance Corp.

People's was founded in 1998 and has two branches, both in Medford.

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