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

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

Archive