An Update on the Coastal Community Bank IPO

Bonnie Johnson - Wednesday, July 11, 2018
An Update on the Coastal Community Bank IPO

Below is a press release from Coastal Community Bank, regarding it's IPO. 

Coastal Financial Corporation (“Coastal”), the bank holding company for Coastal Community Bank, today announced the launch of its initial public offering of common stock. Coastal intends to offer 2,150,000 shares of its common stock and a selling shareholder intends to offer 570,000 shares of common stock. The initial public offering price is currently expected to be between $13.00 and $15.00 per share. Coastal expects to grant the underwriters a 30-day option to purchase up to an additional 408,000 shares of its common stock. In connection with the initial public offering, Coastal expects to list its common stock on the Nasdaq Global Select Market under the trading symbol “CCB.”

Coastal intends to use the net proceeds from the proposed offering to support its growth, organically or through mergers and acquisitions, and for general corporate purposes, which may include the repayment or refinancing of debt and maintenance of required regulatory capital levels. Coastal will not receive any proceeds from the sale of shares of common stock by the selling shareholder in the offering.

Keefe, Bruyette & Woods, A Stifel Company, and Hovde Group, LLC are acting as joint book-running managers for the offering.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling (800) 966-1559, or from Hovde Group, LLC, 120 W Madison Street, Suite 1200, Chicago, IL 60602 or by calling (866) 971-0961.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

About Coastal Financial Corporation

Coastal is the bank holding company for Coastal Community Bank, headquartered in Everett, Washington, which provides a wide range of banking products and services to consumers and small to medium sized businesses in the Puget Sound region in the state of Washington. As of March 31, 2018, Coastal had total assets of $831.0 million, total loans of $678.5 million and total shareholders’ equity of $66.9 million.


Tags

Jet City biking Tim Hunter Washington State University Grand Opening soccer Carl Gibson Senior Center JJ Harrison Broadway Silver Lake, Washington Everett News community Boating Season WSDOT DC Everett Naval Base Lowell Paine Field Maury Eskenazi Rotary of Arlington Marvel Marysville Girls on the Run Snohomish Leonard J. Martin Tankfest Ellensburg rodeo auction Lake Stevens Darrington Health Cascade Bicycle Club Smoke alarms Coastal Community Bank IPO Kla Ha Ya Days Snohomish County PUD La Conner Everett Community College Nascar Beer and wine Everett Historic Theatre ChildStrive History Nathan Senff Marysville Getchell Rotary of Port Gardner Sky Valley Snohomish Everett High School racing Monroe polygraph Olympics skagit Everett Metro Plan Glacier Peak Lineup Rucker band fire WW2 Navy Legion USS Sampson USO Everett Transit Edmonds Bayside Bikes rodeo Everett Library Flying Heritage Everett PD Recruitment Memorial Day Lakewood Boeing Boating Arlington Legion Park Mount Vernon country music Granite Falls Bethany Marysville Pilchuck Elders Paine Field Aviation Day Monte Cristo Compass Health Building Communities of Hope Arts Archery Mayor Cassie Franklin Team USA KRKO Weather Popcorn in the Park Marysville Fire Department Rotary of Port Pardner Interview Batman Casino Road Initiative USS Ralph Johnson Everett Everett Fire Department Everett Police Department Gabe Maggio Skagit County News Habitat for Humanity Ana Perdomo ronald mcdonald house Funko Legion Bluff Startup Jacob Hilkin Highway 2 Trestle DUI Show Dagmar's Marina wildlife Students Cassie Franklin Jim Creek Harry Potter Kayla Lemmon Gym

Archive