Coastal Financial Corporation Announces Closing of Initial Public Offering of Common Stock

EVERETT, Wash., July 20, 2018 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (“Coastal”), the bank holding company for Coastal Community Bank, today announced the closing of its initial public offering of common stock at a public offering price of $14.50 per share. Coastal’s common stock began trading on the Nasdaq Global Select Market under the trading symbol “CCB” on Wednesday, July 18, 2018.

On July 18, 2018, the underwriters exercised their option to purchase 427,500 additional shares of Coastal’s common stock.  Inclusive of the underwriters’ option, a total of 3,277,500 shares of Coastal’s common stock were sold, of which Coastal sold 2,577,500 shares and a selling shareholder sold 700,000 shares.

Keefe, Bruyette & Woods, A Stifel Company, and Hovde Group, LLC acted as joint book-running managers for the offering.
 
The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling (800) 966-1559, or from Hovde Group, LLC, 120 W Madison Street, Suite 1200, Chicago, IL 60602 or by calling (866) 971-0961.
 
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 17, 2018. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Coastal Financial Corporation

Coastal is the bank holding company for Coastal Community Bank, headquartered in Everett, Washington, which provides a wide range of banking products and services to consumers and small to medium sized businesses in the Puget Sound region in the state of Washington. As of March 31, 2018, Coastal had total assets of $831.0 million, total loans of $678.5 million and total shareholders’ equity of $66.9 million.

Contact:
                    
                    Eric Sprink
                    esprink@coastalbank.com
                    425.357.3659
                    
                    Laura Byers
                    lbyers@coastalbank.com
                    425.349.2674