Sound Community Bank in Seattle plans to go partially public.
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The $231 million-asset thrift said in a Securities and Exchange Commission filing last week that it would form a mutual holding company and raise up to $16.9 million by selling 44% of its stock. The mutual holding company would retain the rest.
Some of the proceeds would be used to expand Sound Community's network of five branches, primarily in its current market area, according to the filing.
It would open a branch in the fourth quarter of next year and possibly one more in each of the following two years, the filing said.
Sound Community was known as Credit Union of the Pacific before converting to a federal mutual savings bank in May 2003.
