Bank begins courting investors

  • By Bryan Corliss / Herald Writer
  • Monday, March 20, 2006 9:00pm
  • Business

EVERETT – The founders of Mountain Pacific Bank are looking for investors in anticipation of getting regulatory approval to sell shares of stock.

The proposed new Everett bank began sending letters to potential investors last week, looking for people willing to invest at least $25,000.

So far, Mountain Pacific has commitments for about $10 million, said Mark Duffy, the chief executive of the proposed bank. The founders and board members are putting up more than $1.5 million of that.

The bank is looking to raise at least $12.5 million, and as much as $15 million, in start-up capital. Given that, the organizers are “real pleased” with the early response, he said.

Right now, Mountain Pacific is soliciting nonbinding letters of intent to buy the stock. It can’t start selling actual shares until it receives state regulatory approval. That’s likely to happen in early April, Duffy said.

Shares will go for $10 each, with a minimum purchase of 2,500 shares.

In documents prepared for prospective investors, Duffy and his board say they’re committed to offering loans and banking services primarily for small- to medium-sized businesses and not-for-profit organizations.

There’s room for a new community bank in Everett, the founders maintain. No new community banks have opened in Snohomish County since 1999, they note. In that time, two locally headquartered banks have been absorbed by larger ones, while the county’s population and economy have grown.

Mountain Pacific is one of two new banks that are organizing in Everett this year. Bank of Everett, led by former EverTrust Bank president Mike Deller, announced last month that it will move into the Everett Professional Building at 2722 Colby Ave., which will be renamed the Bank of Everett Tower.

Bank of Everett, which is backed by bank holding company Capital Bancorp, plans to open in June, Deller said.

Duffy said he also expects his bank will be open for business June 1. Construction is under way on its new headquarters, which will be at the corner of 38th Street and Broadway in Everett.

Reporter Bryan Corliss: 425-339-3454 or corliss@ heraldnet.com.

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