Provident Bancorp in Amesbury will file a partial IPO “as soon as practicable,” according to recent registration documents filed with the Securities and Exchange Commission (SEC).

According to the SEC filing, the company will offer 4.2 million shares of common stock for sale at $10 apiece, representing 45 percent of its outstanding shares of common stock. The company needs to sell a minimum of 3.1 million shares and may offer up to 4.85 million shares, Provident said in the filing.

Additionally, Provident plans to contribute 2 percent of those outstanding shares, as well as $250,000 in cash, to The Provident Community Charitable Organization, which it is forming in connection with the stock offering, it said in the SEC filing.

According to the filing, the company expects to raise between $29.5 and $40.4 million in the offering. It plans to use the proceeds to redeem some or all of its SBLF stock, to invest in securities, to repurchase shares of its own common stock and to finance any potential acquisitions – although Provident added in the filing that it does not presently have any such agreement. The company expects to invest 50 percent of the offering proceeds back into Provident Bank, and it said in the filing that it may use that money to fund new loans or expand its retail banking franchise.

The company has $658.6 million in assets as of year-end 2014. Provident Bancorp consulted with Sandler O’Neill and Partners on the offering.