CoastalSouth Bancshares, Inc. Completes $9 Million Common Stock Offering

Rhea-AI Summary

CoastalSouth Bancshares (OTC-PINK:COSO) announced the completion of a private placement of common stock, raising approximately $9 million. These funds will be used for general corporate purposes, including the enhancement of regulatory capital ratios. As of March 31, 2023, CoastalSouth held about $2 billion in total assets and has a strong community banking presence across South Carolina, Georgia, and additional states. CEO Steve Stone highlighted the positive investor support and growth opportunities in the community banking sector.

Positive

• Raised approximately $9 million from common stock private placement.
• Intends to use proceeds for growth and regulatory capital maintenance.
• Strong community banking presence drives customer loyalty and growth.

Negative

• None.

HILTON HEAD ISLAND, S.C., April 2, 2023 /PRNewswire/ -- CoastalSouth Bancshares Inc. ("CoastalSouth" or the "Company"), the holding company for Coastal States Bank ("CSB"), is pleased to announce that it has concluded a private placement of common stock for gross proceeds of approximately $9 million. CoastalSouth intends to use the net proceeds from the private placement for general corporate purposes, including continued growth and maintenance of bank level regulatory capital ratios.

"CSB continues to enjoy strong customer loyalty and meaningful opportunities for growth across our community banking franchise and our specialty lines of business," said Steve Stone, President and Chief Executive Officer of CoastalSouth and CSB. "Today's private placement is a reflection of the consistent support that we receive from our investor base and positions the Company to take advantage of the growth opportunities that we see. We are excited to be well-positioned to take the next step in our disciplined growth strategy at CSB."  

Alston & Bird LLP served as legal counsel to the Company.

About the Company

Established in 2003, CoastalSouth Bancshares, Inc. (OTCQX: COSO), is headquartered in Hilton Head Island, South Carolina. As of March 31, 2023, the Company had approximately $2 billion in total assets. 

CoastalSouth, through its wholly-owned subsidiary, Coastal States Bank, builds relationships by providing a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. With a community bank presence in the Lowcountry of South Carolina (Hilton Head Island and Bluffton), Savannah, and Atlanta, CSB also serves communities across the country through its Government Guaranteed Lending, Senior Housing, Mortgage Banker Finance, and Marine Lending lines of business.

Coastal States Bank – Local. And Proud of It.^®

For additional information regarding CSB, visit www.coastalstatesbank.com.

Media Contact:
Steve Stone
President and Chief Executive Officer
CoastalSouth Bancshares, Inc.
sstone@coastalstatesbank.com

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SOURCE CoastalSouth Bancshares, Inc.

FAQ

What is the purpose of CoastalSouth Bancshares' $9 million stock offering?

The proceeds from the stock offering will be used for general corporate purposes, including growth and maintenance of regulatory capital ratios.

When did CoastalSouth Bancshares complete the stock offering?

The stock offering was announced on April 2, 2023.

What is the stock symbol for CoastalSouth Bancshares?

CoastalSouth Bancshares trades under the stock symbol OTC-PINK:COSO.

How much total assets does CoastalSouth Bancshares have?

As of March 31, 2023, CoastalSouth Bancshares reported approximately $2 billion in total assets.

What are CoastalSouth Bancshares' growth opportunities?

CoastalSouth expects to capitalize on meaningful growth opportunities across its community banking franchise and specialty lines of business.