CRANSTON – Coastway Community Bank is preparing for an initial public offering during the first quarter of 2014 in order to raise additional capital to meet the high demand for lending the bank is experiencing.
“We have a high demand for both business lending and residential mortgage lending,” said Coastway Community Bank President and CEO Bill White. “We’d love to be able to accommodate that demand.”
Coastway converted from a credit union to a community bank in 2009, with a particular focus on expanding business lending, he said.
“We were up against the maximum we were able to lend as a credit union. As a community bank, we were able to expand commercial lending,” said White. “Once we saw how well that was going, we decided to continue.”
The increased capital resulting from the IPO could impact the size of the bank’s staff.
“More lending should lead to additional jobs,” said White.
Coastway Community Bank has nine branches and there are no immediate plans to expand that number, said White.