Avidbank Holdings in San Jose, Calif., has filed a prospectus in advance of its planned initial public offering.
The $2.3 billion-asset Avidbank did not disclose how many shares it plans to sell. Published reports said the company could look to raise up to $70 million.
A “substantial amount” of the net proceeds would be used to increase capital at the bank level for organic growth. Capital could also be used to strengthen regulatory capital and reposition the securities portfolio, among other things.