HILTON HEAD ISLAND, S.C., April 2, 2023 /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 $9 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 continues to enjoy strong customer loyalty and meaningful opportunities for growth across our community banking franchise and our specialty lines of business," said Steve Stone, President and Chief Executive Officer of CoastalSouth and CSB. "Today's private placement is a reflection of the consistent support that we receive from our investor base and positions the Company to take advantage of the growth opportunities that we see. We are excited to be well-positioned to take the next step in our disciplined growth strategy at CSB."
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, 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.
Coastal States Bank – 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.
sstone@coastalstatesbank.com
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SOURCE CoastalSouth Bancshares, Inc.
