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CoastalSouth Bancshares, Inc. - COSO STOCK NEWS

Welcome to our dedicated page for CoastalSouth Bancshares news (Ticker: COSO), a resource for investors and traders seeking the latest updates and insights on CoastalSouth Bancshares stock.

CoastalSouth Bancshares, Inc. (OTCQX: COSO), established in 2003 and headquartered in Hilton Head Island, South Carolina, is a thriving financial holding company. CoastalSouth is the parent company of Coastal States Bank (CSB), a community-focused financial institution known for providing a wide range of banking services tailored to businesses, their owners, and individuals seeking a reliable local banking partner.

Boasting approximately $2 billion in total assets as of December 31, 2023, CoastalSouth demonstrates a robust financial foundation. The bank operates within the Lowcountry of South Carolina, including Hilton Head Island and Bluffton, as well as in Savannah, Georgia, and Atlanta, Georgia. Beyond its local presence, CSB extends its reach nationwide through specialized lines of business, including Government Guaranteed Lending, Senior Housing, Mortgage Banker Finance, and Marine Lending.

In January 2024, CoastalSouth successfully completed a private placement of common stock, resulting in gross proceeds of approximately $12 million. The company intends to utilize these funds for general corporate purposes and to maintain strong regulatory capital ratios at the bank level. This financial maneuver underscores CoastalSouth's commitment to sustained growth and stability.

CSB prides itself on exceptional performance, highlighted by significant growth and profitability throughout 2023. According to Stephen Stone, President and CEO of CoastalSouth and CSB, the company's achievements are a testament to their strong shareholder base and promising future prospects. Legal counsel for the transaction was provided by Alston & Bird LLP.

For more detailed information about Coastal States Bank and its services, visit www.coastalstatesbank.com.

Rhea-AI Summary

Coastal States Bank (CSB) announced the appointment of Gavin Shook as Senior Vice President, Commercial Banker for its Atlanta Region.

With over 20 years of experience in commercial banking and extensive knowledge of the Atlanta market, Gavin will focus on acquiring and expanding commercial client relationships.

Gavin is an alumnus of Georgia Southern University and the Georgia Banking School at the University of Georgia.

CSB's Atlanta Regional President, Gary Dowell, welcomed Gavin, highlighting his alignment with CSB's commitment to relationship banking.

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CoastalSouth Bancshares, Inc. (COSO) announces the departure of Mr. Ping Lee from the Boards of Directors and the appointment of Mr. John G. Aldridge, Jr. as a new member. Mr. Lee served since COSO's acquisition of Cornerstone Bancshares, Inc. in 2021. Mr. Aldridge brings extensive experience in the financial and real estate industries, enhancing the Boards' expertise.
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Coastal States Bank welcomes Tyler Featherston to its Government Guaranteed Lending team, expanding their expertise in SBA lending for small businesses in Colorado and the mountain region.
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Coastal States Bank (CSB) has announced the addition of four new SBA lenders to its Government Guaranteed Lending (GGL) Team, led by Rosaline Fletcher. The new team members, including three Vice Presidents of Business Development, bring extensive experience in SBA lending. Rosaline, a board member for the National Association of Government Guaranteed Lenders (NAGGL), has originated over $300 million in SBA loans. The addition of this seasoned team is expected to have an immediate impact on CSB's SBA sales generation in 2024 and beyond.
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CoastalSouth Bancshares Inc. completed a private placement of common stock for $12 million, intending to use the proceeds for general corporate purposes and continued growth. CSB's President and CEO, Stephen Stone, expressed satisfaction with the bank's outstanding performance in 2023.
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FAQ

What does CoastalSouth Bancshares, Inc. do?

CoastalSouth Bancshares, Inc. is the holding company for Coastal States Bank, providing various banking services to businesses, their owners, and individuals.

Where is CoastalSouth Bancshares headquartered?

CoastalSouth Bancshares is headquartered in Hilton Head Island, South Carolina.

What are CoastalSouth Bancshares' specialized lines of business?

CoastalSouth Bancshares operates specialized lines of business such as Government Guaranteed Lending, Senior Housing, Mortgage Banker Finance, and Marine Lending.

How much did CoastalSouth raise in its recent private placement?

CoastalSouth raised approximately $12 million in gross proceeds from its recent private placement of common stock.

What will CoastalSouth use the private placement proceeds for?

CoastalSouth intends to use the proceeds for general corporate purposes and to maintain bank-level regulatory capital ratios.

What are CoastalSouth Bancshares' core areas of operation?

CoastalSouth operates in the Lowcountry of South Carolina, Savannah, Georgia, and Atlanta, Georgia.

How much in total assets does CoastalSouth Bancshares have?

As of December 31, 2023, CoastalSouth Bancshares had approximately $2 billion in total assets.

Who is the President and CEO of CoastalSouth Bancshares?

Stephen Stone is the President and CEO of CoastalSouth Bancshares, Inc. and Coastal States Bank.

How did CoastalSouth Bancshares perform in 2023?

CoastalSouth Bancshares had an outstanding performance in 2023 with significant growth and profitability.

Where can I find more information about Coastal States Bank?

For more information, visit Coastal States Bank's official website at www.coastalstatesbank.com.

CoastalSouth Bancshares, Inc.

OTC:COSO

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172.84M
5.09M
4.17%
Commercial Banking
Finance and Insurance
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United States of America
Hilton Head Island