Shares of Territorial Savings Bank's parent could begin trading on the Nasdaq market in mid-July, the company said.

Territorial Bancorp Inc. plans to raise $75 million to $120 million in an initial public offering, which will be used to expand its branch network, buy back company stock or acquire another bank or financial services company.

On Monday, Territorial completed the offering period for its subscription, which gives depositors and borrowers the first opportunity to buy the stock.

The 88-year-old company said its shares will begin trading for the general public once the offering receives approval from the Office of Thrift Supervision and Territorial's depositors and lenders.

In a filing with the Securities and Exchange Commission last month, Territorial estimated the maximum offering price at $9.73 a share.

The stock sale comes at a time when U.S. banks and the market for initial public offerings have been hit hard by turmoil in the global credit markets. But like most other Hawai'i banks, Territorial doesn't have any direct exposure to the subprime market.

Territorial said the offering will not change the company's core focus as a community-oriented financial institution.

Staff and management will remain the same and deposit and loan accounts will be unaffected, the company has said.

Founded in 1921, Territorial Mutual is a mutual holding company that is owned by its customers. As part of the offering, the company's ownership will shift to shareholders.

According to a prospectus filed with the Securities and Exchange Commission, Territorial earned $7.2 million in 2008, up from $5.7 million in 2007.

For the first three months this year, the company's net income is up 47 percent to $2.7 million.