SaviBank is raising up to $3 million through an offering of up to 1,875,000 common shares priced at $1.60 apiece.

The Burlington, Wash.-based bank has the option to increase the offering by up to 312,500 common shares. Net proceeds will be used to support the bank's growth and expansion.

The offering, which starts March 29 and is expected to close on May 15, requires an investment of at least 6,250 common shares from the general public. There is no minimum investment required for current bank shareholders.

All of SaviBank's directors and executive officers intend to purchase, in the aggregate, around $500,000 in the offering. Assuming the offering is fully subscribed, they will hold 13.1% of the bank's outstanding shares.