Square 1 Bank’s ninth year of operation may be one to celebrate.

In its latest SEC filing, Durham-based Square 1 Bank says it plans to offer some 7 million shares at a price range of $15 to $17 each. The company recently said it hoped to raise around $57 million.

In the latest update to its initial public offering plans on Friday, Square 1 said it planned to sell 5.88 million shares with underwriters having rights to more than 900,000.

The bank, which has been growing rapidly and expanding its operations, first filed notice of the IPO in January.

If successful, Square 1 shares will trade on the Nasdaq under the symbol “SQBK.”

The IPO would be the latest in a series of successful offerings by Research Triangle-area firms, including Quintiles and ChannelAdvisor, which went public in 2013. Two regional biotechs also recently filed to go public.

The filing of the IPO represents the latest sign of growth by Square 1, which raised more than $23 million from investors in 2012 and $48.5 million in 2010.

In December, the firm expanded its services capabilities by acquiring an accounts receivable financing solutions firm in Silicon Valley.

Strong Growth Since 2010

In a previous filing, Square 1 reported that profits jumped 57 percent in 2013.

In the initial Jan. 7 filing, Square 1 said it planned to raise up to $58 million with net proceeds from the offering to support long term growth.

Square 1 launched in 2005, has steadily increased its profit in recent years. In 2011, net income was $5.3 million; it was $14.4 million in 2012 and $15.4 million through the first three quarters of 2013.

According to data in the new SEC filing, operating income and profit (loss) since 2009:

  • 2009: Operating income $10.8 million; profit $2.6 million
  • 2010: Operating income $10.5 million; loss $12.6 million
  • 2011: Operating income $18.7 million; profit $5.3 million
  • 2012: Operating income $23.7 million; profit $14.4 million
  • 2013: Operating income $36.1 million; profit $22.4 million

Deposits have increased steadily in recently years and have come close to doubling since 2009:

  • 2009: $1.082 billion
  • 2010: $1.162 billion
  • 2011: $1.409 billion
  • 2012: $1.531 billion
  • 2013: $1.871 billion

The bank is run by Doug Bowers, who replaced founder Richard Casey. Casey died in 2010. Bowers, a 25-year veteran at Bank of America, took over as CEO in March 2011.

A team of Square 1 executives had run the bank since Casey’s death the previous November.

Casey had raised $105 million in capital from some 200 shareholders to get started.

The bank opened with six offices and 45 employees.

It now has offices in Austin, Boston, Denver, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC.

Casey was a former executive with Imperial Bank in California where he worked in the venture division. That group was founded to compete in part with Silicon Valley Bank, another firm focused on technology startups. Imperial was bought by Comerica in 2001.