Coastal Financial Corporation Completes Private Placement of $20 million of Subordinated Notes
01 Novembre 2022 - 10:07PM
Coastal Financial Corporation (NASDAQ: CCB) (“Coastal” or the
“Company”), the holding company for Coastal Community Bank (the
“Bank”), today announced the completion of its private placement of
$20 million in fixed-to-floating rate subordinated notes due
November 1, 2032 (the “Notes”).
The Notes will bear interest at a fixed annual rate of 7.00% for
the first five years and will reset quarterly thereafter to the
then-current three-month Secured Overnight Financing Rate (SOFR)
plus 290 basis points.
The Company intends to use the net proceeds from the offering
for general corporate purposes. The Company is entitled to redeem
the Notes, in whole or in part, on any interest payment date on or
after November 1, 2027, or at any time, in whole but not in part,
upon certain other specified events prior to the Notes’ maturity on
November 1, 2032.
Keefe, Bruyette & Woods, A Stifel Company, served as sole
placement agent for the Notes offering. Covington & Burling LLP
served as legal counsel to the Company in the offering.
This press release is for informational purposes only and shall
not constitute an offer to sell, or the solicitation of an offer to
buy, the Notes, nor shall there be any offer, solicitation, or sale
in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The Notes have not been
registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption
from registration requirements. The indebtedness evidenced by the
Notes is not a deposit and is not insured by the Federal Deposit
Insurance Corporation or any other government agency or fund.
About Coastal Financial CorporationCoastal
Financial Corporation (NASDAQ: CCB), is an Everett,
Washington-based Bank holding company with Coastal Community Bank
(the “Bank”) a full-service commercial bank, as its sole wholly
owned banking subsidiary. The Bank operates through its 14 branches
in Snohomish, Island, and King Counties, the Internet, and its
mobile banking application. The Bank, through its CCBX division,
provides banking as a service (“BaaS”) that allows our
broker-dealer and digital financial service partners to offer their
customers banking services. As of September 30, 2022, we had total
assets of $3.13 billion, total gross loans of $2.55 billion, total
deposits of $2.84 billion, and total shareholders’ equity of $228.7
million. To learn more about Coastal Community Bank visit
www.coastalbank.com. Member FDIC.
Forward Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect our current views with respect
to, among other things, future events and our financial
performance. Any statements about our management’s expectations,
beliefs, plans, predictions, forecasts, objectives, assumptions or
future events or performance are not historical facts and may be
forward-looking. Words or phrases such as “anticipate,” “believes,”
“can,” “could,” “may,” “predicts,” “potential,” “should,” “will,”
“estimate,” “plans,” “projects,” “continuing,” “ongoing,”
“expects,” “intends” and similar words or phrases are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. Any or all of the forward-looking
statements in this press release may turn out to be inaccurate. The
inclusion of or reference to forward-looking information in this
press release should not be regarded as a representation by us or
any other person that the future plans, estimates or expectations
contemplated by us will be achieved. We have based these
forward-looking statements on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, and financial needs. Our actual results could
differ materially from those anticipated in such forward-looking
statements as a result of risks, uncertainties and assumptions that
are difficult to predict. Factors that could cause actual results
to differ materially from those in the forward-looking statements
include, without limitation, the risks and uncertainties discussed
under “Risk Factors” in our Annual Report on Form 10-K for the most
recent period filed, our Quarterly Report on Form 10-Q for the most
recent quarter, and in any of our other filings with the SEC.
If one or more events related to these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may differ materially from what we
anticipate. You are cautioned not to place undue reliance on
forward-looking statements. Further, any forward-looking statement
speaks only as of the date on which it is made and we undertake no
obligation to update or revise any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events, except as required by law.
Contact: Joel
EdwardsCFO425.357.3687Jedwards@coastalbank.com
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