People’s Utah Bancorp, a Utah commercial bank with 18 branches and $1.4 billion in assets, filed on Monday with the SEC to raise up to $40 million in an initial public offering.
People's Utah Bancorp operates two subsidiaries, Bank of American Fork and Lewiston State Bank, which compete with national banks like Wells Fargo (NYSE: WFC) and regional banks like Zions Bancorp (NASDAQ: ZION).
The American Fork, UT-based company, which was founded in 1998 and booked $70 million in revenue for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol PUB. People’s Utah Bancorp initially filed confidentially on March 11, 2015. D.A. Davidson is the sole bookrunner on the deal. No pricing terms were disclosed.
