Square 1 Financial in Durham, N.C., is planning to hit the road to promote its planned initial public offering.

Square 1 has filed with the Securities and Exchange Commission to sell roughly $50 million of stock at a price range of $15 to $17 a share. In addition, certain shareholders are planning to sell another $44.1 million shares of stock at the same price.

The $2.3 billion-asset company, which did not list the cities it will visit as part of its roadshow, has requested to list its common stock on the Nasdaq under the ticker symbol "SQBK."

Square 1's net proceeds from the IPO will support "long-term growth by enhancing capital ratios in light of Basel III," and other general purposes, the company said in a press release. Square 1 said in a regulatory filing that proceeds could also be used to redeem series A preferred stock and convertible trust preferred securities.

Sandler O'Neill and Keefe, Bruyette & Woods will serve as the IPO's managers. The underwriters may purchase an additional 882,167 shares of common stock - offered in almost equal parts by the company and selling shareholders - at an underwriting discount on the IPO offering price within 30 days from the date of the offering.