SEATTLE — Sound Community Bank which, until May 2003, did business as Credit Union of the Pacific, has filed paperwork with the U.S. Securities and Exchange Commission to make its initial public offering of stock.
As with other credit unions that became banks, Sound Community said it will restructure itself into a mutual holding company for the deal. The bank said in its filing that it expects to issue and sell 45% percent ownership in Sound Financial Inc, the holding company owner of the bank.
The bank's filing said that it will offer between roughly 1.1 and 1.5 million shares of stock at $10.00 and will bring the bank, a foundation it is establishing and its employee stock ownership plan between roughly $10 million and $16 million.
Sound Community Bank's CEO, Laurie Stewart, was also CEO of the credit union and is on the advisory board of the Coalition for Credit Union Charter Options. She has also testified in favor of a bill to limit the NCUA's authority to regulate credit union to bank charter conversions on behalf of America's Community Bankers.
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