Coatesville-based Prosper Bank, which changed its name from the historic Coatesville Savings Bank about 18 months ago, is looking to fuel growth by converting from a mutual savings into a publicly traded company, writes Jeff Blumenthal for the Philadelphia Business Journal.

The bank filed applications with the required regulators on March 12 to create a holding company called PB Bankshares, as well as to raise between $17.8 million and $24.2 million in funds. This money would enhance its capital and allow it to pursue further growth opportunities.

Coatesville Savings Bank was formed in 1919 as a privately held community bank specifically Chester and Lancaster counties. Its name was changed to Prosper Bank with the arrival of its new CEO Janak Amin in September 2019. Since then, the bank has started to shift its focus from consumer to commercial lending.

According to the SEC filing, the post-offering business plan will not change significantly from its current strategic objectives. The conversion will also help the bank strengthen its capital position, which will increase its operating flexibility and facilitate the implementation of its growth strategies.

Read more about Prosper Bank in the Philadelphia Business Journal here.