Radius Bancorp in Boston has filed documents for an initial public offering that will allow two of its investors to avoid being subject to portions of the Volcker Rule.

The $703 million-asset company did not disclose in its prospectus the number of shares it plans to sell or the price range for the offering.

Radius is owned by a three funds – New England Carpenters’ Pension Fund, New England Carpenters’ Guaranteed Annuity Fund and Empire State Carpenters' Pension Fund. The company said in its regulatory filing Monday that the offering will reduce the funds' ownership levels below 5%, freeing them from certain restrictions under the Dodd-Frank Act.

Radius noted in its filing that the fund would be considered banking entities if they did not reduce their stakes and, as a result, would be barred from making investments that are typical for pension funds.

The New England Carpenters’ Pension Fund will reduce its stake to 3.14% from 32.1%, and the New England Carpenters’ Guaranteed Annuity Fund will reduces its holdings to 1.76% from 17.9%. The Empire State Carpenters' Pension Fund will lower its stake to 4.9% from 50%. (The funds also account for nearly 27% of Radius’ deposits.)

Radius last week changed its name from First Trade Union Bancorp. Its subsidiary, First Trade Union Bank, will also adopt the Radius brand.

Robert W. Baird & Co. and Sandler O'Neill are acting as the joint book-running managers for the offering. Janney Montgomery Scott and Wunderlich Securities are the co-managers.

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