Circle Bank looks to raise funds in IPO

Offer seeks up to $30 million, SEC could respond this weekNOVATO — Circle Bancorp, the parent of Circle Bank, may hear as early as this week if the U.S. Securities and Exchange Commission will approve a filing requesting to raise between $20 million and $30 million in capital through an initial stock offering.

Kit Cole, chief executive officer and chairman of the board, said once they get approval, they will be able to price the offering.

[caption id="attachment_26558" align="alignleft" width="144" caption="Kit Cole"][/caption]

“The main reason for going public now is that we can’t think of a better time for a healthy bank to be raising capital,” she said. “Most companies that are raising money are trying to dig themselves out of a hole, and that means investors are buying shares of broken banks. In this case they are getting management that has been able to thrive during the worst period of banking since the depression, a management that has been able to manage risk control."

“A key element of the bank’s plans for expansion is to strengthen core deposits by focusing on business banking and business lending to clients from whom we can obtain their entire core deposit banking relationship,” the filing document read.

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