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Coastal Financial Corporation Completes Private Placement of $25 Million of Subordinated Notes
EVERETT, Wash., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Coastal Financial Corporation. (NASDAQ: CCB) (“Coastal”) (the “Company”), the holding company for Coastal
About this update from Coastal Financial Corporation
[{"type":"text","content":"EVERETT, Wash., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Coastal Financial Corporation. (NASDAQ: CCB) (“Coastal”) (the “Company”), the holding company for Coastal Community Bank, today announced the completion of its private placement of $25.0 million in fixed-to-floating rate subordinated notes due September 1, 2031 (the “Notes”). The Notes will bear interest at a fixed annual rate of 3.375% for the first five years and will reset quarterly thereafter to the then-current three-month Secured Overnight Financing Rate (SOFR) plus 276 basis points. The Company 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. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after September 1, 2026, or at any time, in whole but not in part, upon certain other specified events prior to the Notes' maturity on September 1, 2031. Keefe, Bruyette & Woods, A Stifel Company, served as lead placement agent, and Raymond James & Associates, Inc., Stephens Inc., and Hovde Group, LLC served as co-placement agents for the Notes offering. Covington & Burling LLP served as legal counsel to the Company, and Squire Patton Boggs (US) LLP served as legal counsel to the placement agents. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, nor shall there be any offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund. About Coastal Financial CorporationCoastal 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 ...