WEST LINN, Ore. — Pacific West Bank has initiated a public stock offering. The West Linn, Ore.-based community bank is selling up to 1.5 million shares of common stock at $3 per share.
The bank intends to use net proceeds from the sale to bolster its capital and position the bank for future growth. Founded in 2004, the bank had $72.6 million in total assets and $62.5 million in total deposits as of June 30, according to the Federal Deposit Insurance Corp.
The bank lost $906,000 in the second quarter of 2010, the FDIC said.
