MOUNTLAKE TERRACE, Wash. – 1st Security Bank of Washington, the ailing one-time credit union known until 2004 as Washington’s CU, plans to raise up to $32 million in an initial public offering.

Under the plans, filed this morning, the new holding company will be known as FS Bancorp and will be listed on the Nasdaq as FSBW. Shares will be available first to current depositors and then to outside investors.

The one-time credit union has been under supervisory agreements until recently and has reduced the number of branches it had to six, from the 14 it operated as a credit union. In 2009 it sharply curtailed its operations in a bid to restore profitability.

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