EVERETT, Washington, December 17, 2021 (GLOBE NEWSWIRE) – Coastal Financial Corporation (NASDAQ: CCB) (“Coastal” or the “Company”), the holding company of Coastal Community Bank (the “Bank”), today announced the closing of its subscribed public offering of 851,853 common shares at a public price of $ 40.50 per share, of which 111,111 common shares were sold pursuant to the underwriters’ option to purchase additional shares, which was exercised In totality.
Total gross proceeds from the offering were approximately $ 34.5 million before the deduction of any subscription discounts and estimated offering fees. The Company intends to use the net proceeds of this offering for general corporate purposes, including, without limitation, supporting investment opportunities and the growth of the Bank.
Keefe, Bruyette & Woods, Inc. was solely responsible for the bookkeeping and Raymond James & Associates, Inc., Stephens Inc. and Hovde Group, LLC were co-managers of the offering. Covington & Burling LLP and Adams & Duncan, Inc., PS represented the Company in connection with the offer. The underwriters were represented by Hunton Andrews Kurth LLP.
The offering has been made only by means of an effective pre-registration statement, including a preliminary prospectus supplement and a final prospectus supplement. You can obtain these documents free of charge by visiting EDGAR on the Securities and Exchange Commission (“SEC”) website at www.sec.gov. In addition, copies can be obtained by contacting Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention Equity Capital Markets, or by calling the toll free number (800 ) 966-1559 or by emailing [email protected]
This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, the securities, and there will be no offer, solicitation or sale in any jurisdiction in which a such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such jurisdiction. Common shares to be issued by the Company under the Offer will not be insured by the Federal Deposit Insurance Corporation or any other government agency.
About Coastal Financial Corporation
Coastal Financial Corporation (Nasdaq: CCB) is an Everett, Washington-based banking holding company whose wholly-owned subsidiaries are Coastal Community Bank and Arlington Olympic LLC. The Bank provides services through 14 branches in Snohomish, Island and King counties in Washington, Internet and its mobile banking app. The Bank, through its CCBX division, provides Banking as a Service (“BaaS”) which enables its brokers and digital financial services partners to provide banking services to their customers. As of September 30, 2021, Coastal had total assets of $ 2.45 billion, total loans receivable of $ 1.71 billion, total deposits of $ 2.22 billion, and total equity of 161, $ 1 million. To learn more about the Bank, visit www.coastalbank.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views regarding, among other things, future events and our financial performance. Any statement regarding the expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance of our management are not historical facts and may be forward-looking. Words or expressions such as “anticipate”, “believe”, “may”, “could”, “could”, “could”, “foresee”, “potential”, “should”, “shall”, “estimate” , “Planning”, “” projects “,” in progress “,” in progress “,” expects “,” intends “and similar words or expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Any or all of the forward-looking statements contained in this press release may prove to be incorrect. The inclusion or reference to forward-looking information in this press release should not be construed as a representation by us or any other person that future plans, estimates or expectations that we envisage will be realized. We have based these forward-looking statements on our current expectations and projections regarding future events and financial trends that we believe could affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in these forward-looking statements due to risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those of forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the period. the most recent filed, our Quarterly Report Report on Form 10-Q for the most recent quarter and in one of our other documents filed with the SEC.
If one or more events relating to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we expect. You are cautioned not to place undue reliance on forward-looking statements. In addition, any forward-looking statement speaks only as of the date on which it is made and we assume no obligation to update or revise any forward-looking statement to reflect events or circumstances subsequent to the date on which the statement is made or to reflect the occurrence of unforeseen events, except as required by law.