EVERETT, Wash. - Coastal Financial Corporation (NASDAQ: CCB), the parent company of Coastal Community Bank and a $1.02 billion market cap financial institution, has announced the initiation of an underwritten public offering of its common stock. The company's shares have shown remarkable strength, delivering a 70.49% return over the past six months, according to InvestingPro data. The bank holding company also plans to provide underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, subtracting any underwriting discounts and commissions.
The proceeds from the sale are intended for general corporate purposes, which may include investment opportunities and supporting the bank's growth initiatives. Keefe, Bruyette & Woods, a Stifel company, is leading the offering as the bookrunning manager, with Hovde Group, LLC as a joint bookrunning manager. Additionally, Raymond (NS:RYMD) James & Associates, Inc. and Stephens Inc. are acting as co-managers for the offering.
Coastal Financial has filed a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (SEC) in relation to the offering, based on an effective shelf registration statement declared by the SEC on June 13, 2024. A final prospectus supplement will also be filed with the SEC. Potential investors are encouraged to read these documents, which are available for free on the SEC's website, for a more complete understanding of Coastal and the offering.
The bank, with $4.07 billion in assets, operates 14 branches across Snohomish, Island, and King Counties and offers digital financial services. It also provides banking as a service through its CCBX segment to various financial service providers. InvestingPro analysis shows the company maintains a GREAT financial health score of 3.32, with revenue growing at 8.86% over the last twelve months. InvestingPro subscribers have access to over 10 additional key insights about Coastal Financial's performance and outlook.
This announcement serves as a factual statement of the proposed offering and is not an offer to sell or a solicitation of an offer to buy any securities. Trading near $74.69, the stock currently sits close to its 52-week high of $79.59, though InvestingPro's Fair Value analysis suggests slight overvaluation at current levels. The sale of these securities will not be valid in jurisdictions where it would be unlawful prior to registration or qualification under the securities laws of such jurisdictions.
The information provided in this article is based on a press release statement from Coastal Financial Corporation.
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