Seattle-based Fortune Bank announced plans to sell as much as an estimated $460 million of stock in an initial public offering.
The offering comes as many companies in recent months have issued new shares or debt, including several financial institutions pursuing demutualization — though the IPO market has cooled somewhat of late.
Fortune Bank, which was founded in 2006, announced in March plans to seek shareholder approval to boost its allowable amount of stock outstanding to 250 million shares from 10 million. The equity currently isn't publicly traded; there were about 300 shareholders and 27 employees at the time.
When the IPO plan was unveiled three months ago, Fortune said it planned to raise at least $450 million of capital for both organic growth and acquisitions. It also said the deal would result in combining current management and "a team of experienced senior bankers headed by Martin Glynn of Vancouver," who would become chief executive.
Fortune Bank said Thursday it expects to sell up to 46 million shares for $8 to $10 each. It plans to use the proceeds to fund growth and for general purposes and intends to list its stock on the Nasdaq Global Market under the symbol FBBC.
For the quarter ended March 31, the bank's loss narrowed to $133,000 from $523,000 a year earlier, according to a report on its website. Interest income dropped 4% to $1.4 million.
