Coastal Financial Corporation (NASDAQ: CCB) has recently announced the launch of a proposed underwritten public offering of shares of its common stock, with the intention of using the net proceeds for general corporate purposes, including supporting investment opportunities and the bank’s growth. The company is expected to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its common stock sold in this offering at the public offering price, less underwriting discounts and commissions.
Keefe, Bruyette & Woods, a Stifel company, is serving as the lead bookrunning manager, Hovde Group, LLC is serving as a joint bookrunning manager, and Raymond James & Associates, Inc. and Stephens Inc. are serving as co-managers for the proposed offering.
Coastal Financial Corporation, with its wholly owned subsidiaries Coastal Community Bank and Arlington Olympic LLC, provides services through 14 branches in Snohomish, Island, and King counties, as well as through the internet and its mobile banking application. The bank also provides banking services to broker-dealers, digital financial service providers, companies, and brands that want to offer financial services to their customers through the bank’s CCBX segment.
The company's $4.07 billion bank offers banking as a service and is a member of the FDIC.
The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 (file no. 333-279879) filed by Coastal with the U.S. Securities and Exchange Commission (SEC), which was declared effective by the SEC on June 13, 2024. Following these announcements, the company's shares moved 0.7%, and are now trading at a price of $79.5. If you want to know more, read the company's complete 8-K report here.
