Coastal Financial Corporation Announces Public Offering of Common Stock

Washington, DC – Coastal Financial Corporation (NASDAQ: CCB) disclosed in an 8-K filing dated December 10, 2024, that it has entered into an underwriting agreement with Keefe, Bruyette & Woods, Inc., involving Coastal Financial Corporation and its subsidiary Coastal Community Bank. The agreement pertains to the offer and sale of 1,200,000 shares of the Company’s common stock at $71.00 per share to the public. Moreover, the underwriters have been granted an option to purchase an additional 180,000 shares within 30 days of the Prospectus Supplement date.

The net proceeds from this offering, after deduction of underwriting discounts, commissions, and other expenses, are expected to total around $91.8 million. This offering falls under a base prospectus filed with the U.S. Securities and Exchange Commission (SEC) as part of a previously effective shelf registration statement on Form S-3.

The Underwriting Agreement includes standard representations, warranties, and obligations by the Company and the Underwriters. Moreover, Coastal Financial Corporation issued press releases on December 10, 2024, announcing the commencement and pricing of the offering. The offering is anticipated to conclude around December 12, 2024, subject to customary closing conditions.

For further details on the terms of this agreement and the offer, readers can refer to the official filing on Form 8-K on the SEC’s EDGAR system. Additionally, the Company’s legal opinion from Adams & Duncan, Inc., P.S. and related press releases are accessible alongside the filing.

Investors and parties interested in learning more about the details of this significant development for Coastal Financial Corporation are encouraged to review the complete 8-K filing on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Coastal Financial’s 8K filing here.

About Coastal Financial

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.