CoastalSouth Bancshares, Inc. Completes $20 Million Common Stock Offering

News provided by

Jun 18, 2019, 17:53 ET

HILTON HEAD ISLAND, S.C., June 18, 2019 /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 $20 million. The additional capital will enhance the Company's balance sheet and facilitate the continued growth and expansion of CSB.

"Since recapitalizing CoastalSouth almost two years ago, our company has made tremendous progress," said Steve Stone, President and Chief Executive Officer of CoastalSouth and CSB. "We have opened commercial banking centers in Atlanta and Savannah, completed a community bank acquisition in the attractive markets located just north of Atlanta, and we are seeing excellent growth trends in each of our community banking regions and specialty lines of business. We are very fortunate to enjoy the continued support of our existing investor base and we are pleased to welcome a number of new investors in this transaction."

Sandler O'Neill & Partners, L.P. served as the sole placement agent for the private placement. 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, 2019, the Company had approximately $615 million 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, Atlanta, and North Georgia (Cumming and Dawsonville), CSB also serves communities across the country through its Government Guaranteed Lending, Senior Housing, and Mortgage Banker Finance lines of business.

CSB – 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.
[email protected]

SOURCE CoastalSouth Bancshares, Inc.