CoastalSouth Bancshares, Inc. Completes $12 Million Common Stock Offering

Rhea-AI Summary

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.

HILTON HEAD ISLAND, S.C., Jan. 27, 2024 /PRNewswire/ -- CoastalSouth Bancshares Inc. ("CoastalSouth" or the "Company"), the holding company for Coastal States Bank ("CSB"), is pleased to announce that on Friday, January 26, 2024, it completed a private placement of common stock for gross proceeds of approximately $12 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's performance during 2023 was outstanding, both from a growth and profitability standpoint," said Stephen Stone, President and Chief Executive Officer of CoastalSouth and CSB.  "We are very fortunate to enjoy a strong and supportive shareholder base and we are excited about our prospects for continued growth."   

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 December 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.

CSB – Local. And Proud of It.

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

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

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SOURCE CoastalSouth Bancshares, Inc.

What is the name of the holding company for Coastal States Bank?

The holding company for Coastal States Bank is CoastalSouth Bancshares Inc.

When did CoastalSouth Bancshares Inc. complete the private placement of common stock?

CoastalSouth Bancshares Inc. completed the private placement on January 26, 2024.

How much were the gross proceeds from the private placement of common stock?

The gross proceeds from the private placement were approximately $12 million.

What does CoastalSouth intend to use the net proceeds for?

CoastalSouth intends to use the net proceeds for general corporate purposes, including continued growth and maintenance of bank level regulatory capital ratios.

Who is the President and CEO of CoastalSouth and CSB?

Stephen Stone is the President and Chief Executive Officer of CoastalSouth and CSB.