Anchor Bank of Lacey hopes to raise as much as $60 million from its depositors and others in an initial public offering of stock.

Share story

Bank stocks have been grievously wounded in the financial meltdown, and the IPO market is effectively dead — but Anchor Bank of Lacey hopes to raise as much as $60 million from its depositors and others in an initial public offering of stock.

Anchor is mutually owned by its account holders, but it plans to convert to stockholder ownership as Anchor Bancorp while selling shares for $10 apiece. Depending on investor appetite, the offering could raise gross proceeds of $38 million to $60 million.

Anchor has 20 banking offices from Grays Harbor to King County, and reported a profit of $786,000 for the fiscal year ended June 30, down from $3.8 million the prior year.

If Anchor succeeds with its IPO, it would not loom large among the region’s public banks. Its assets of $626 million at June 30 made it about 30 percent smaller than Rainier Pacific Financial Group of Tacoma, whose market capitalization today was less than $17 million.

Sound Financial, the holding company for Seattle’s Sound Community Bank, converted from mutual to stock ownership in January with a $13 million stock offering. Its shares, which started trading at $9, closed today at $6.15.