Co-Placement Agent
Coastal Financial Corporation
Debt Capital Markets
Subordinated Notes
Transaction Details
- On August 17, Coastal Financial Corporation (NASDAQ: CCB) (“Coastal”) announced the completion of its $25 million private placement of Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”)
- The Notes bear a fixed rate of 3.375% per year for the first 5 years and then reset quarterly at a variable rate equal to the then current three-month term SOFR plus 276 basis points
- Coastal intends to use the net proceeds from the offering for general corporate purposes, which will include repayment of existing debt and funding additional loan growth
About the company
Coastal Financial Corporation
Coastal 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 their broker-dealer and digital financial service partners to offer their customers banking services. As of June 30, 2021, Coastal had total assets of $2.0 billion, total gross loans of $1.7 billion, total deposits of $1.8 billion, and total shareholders’ equity of $154.1 million.
Sources: Company Filings
-
This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.
-
“Stephens” is the brand name for a family of independent privately held financial services firms, including Stephens Europe Limited, which is authorized and regulated by the Financial Conduct Authority (Registered office 12 Arthur Street, London, EC4R 9AB, Registered number 8817024) and Stephens Inc. which is regulated by the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority (Home Office: 111 Center Street, Little Rock, AR USA, 501-377-2000). Stephens Inc. is a member of NYSE and SIPC. For more information, visit www.stephens.com. © 2021 Stephens