United Security Bancorporation Plans Stock Offering Proceeds Would Help To Fund Growth Of Spokane-Based Firm

United Security Bancorporation has filed registration materials for an initial public offering of 1 million shares of common stock.

Proceeds from the offering, expected to bring $8 to $8.50 per share, would be used to support additional growth by the Spokane-based holding company, which is the parent of two banks.

United Security Bank operates six branches in Stevens, Pend Oreille and Spokane counties. Home Security Bank has branches in Sunnyside and Prosser.

The company also owns USB Insurance in Colville and USB Leasing in Spokane.

Funds raised through the offering would be used in part to add branches in Spokane and Yakima and to beef up the insurance and leasing operations, Bancorporation President William Dashiell said.

“What we’re really going for here is to try and cover some of our growth,” he said. “It’s kind of a big step for us.”

Dashiell noted the bank made a private stock offering last summer to meet some interim capital needs.

He said all shares in the newest offering would be sold by the bank, not its present shareholders, who would retain about a 60 percent interest in the holding company.

The sale would bring the total number of shares to 2.6 million issued and outstanding.

Existing shareholders, employees and customers would have 100,000 shares set aside for purchase. Of that amount, any shares not purchased would be made available to residents within the bank’s service territory.

Pacific Crest Securities of Portland is the underwriter for the offering.