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The Associated Press August 23, 2011, 3:57PM ET

Community Choice files for $230 million IPO

Community Choice Financial Inc., a lender to people it calls "unbanked and underbanked," filed Tuesday to raise $230 million in initial public offering of its shares.

The Dublin, Ohio, company says it provides payday loans, check cashing, money transfers and prepaid debit cards, among other financial services, to people who don't use traditional banks.

The company has 433 retail stores in 14 states across the country, with 155 branches in California.

Community Choice intends to use the funds from the IPO for general purposes, including possible acquisitions and repayment of debt.

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