Carolina Financial Corporation Announces Commencement of Common Stock Offering

CHARLESTON, S.C., June 6, 2018 /PRNewswire/ -- Carolina Financial Corporation (Nasdaq: CARO) ("Carolina Financial" or the "Company"), the parent company of CresCom Bank, announced today that it has agreed to sell 1,500,000 shares of its common stock, and that certain of its executive officers and directors have agreed to sell 96,350 of their shares of the Company's common stock, in an underwritten public offering.  Raymond James & Associates, Inc. is acting as the sole bookrunning manager for the offering.  The Company will not receive any proceeds from the sale of shares by the selling stockholders.  The Company intends to use the net proceeds of the offering for general corporate purposes, including potential future acquisitions and to support continued organic growth.

The Common Stock will be issued pursuant to an effective shelf registration statement (File No. 333-222550) (including base prospectus), a preliminary prospectus supplement filed with the Securities and Exchange Commission (the "SEC"), and a final prospectus supplement to be filed with the SEC.  A copy of the preliminary prospectus supplement and, when available, the final prospectus supplement can be obtained from Raymond James & Associates, Inc., Attention:  Prospectus Department, 880 Carillon Parkway, Tower 3, 5th Floor, St. Petersburg, FL 33716, or by calling 800-248-8863 or via e-mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  Any offering of the common stock is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.  The Company expects to close the transaction, subject to customary conditions, on or about June 11, 2018.

About Carolina Financial Corporation

Carolina Financial Corporation (Nasdaq: CARO) is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company.  As of March 31, 2018, Carolina Financial Corporation had approximately $3.6 billion in total assets and Crescent Mortgage Company was licensed to originate loans in 48 states, partnering with community banks, credit unions and mortgage brokers.

Caution About Forward-Looking Statements

This release and certain other communications by the Company contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934.  Such statements, including but not limited to those regarding the offering and the use of proceeds therefrom, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations.  These risks and uncertainties include, but are not limited to, market conditions affecting the offering.  Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements.  Additional information regarding these and other risks is contained in the Company's filings with the SEC.

Media Contact: William A. Gehman III, EVP and CFO, 843.723.7700

SOURCE Carolina Financial Corporation