CoastalSouth Bancshares, Inc. Completes $12 Million Common Stock Offering
Summary
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. "CSBs performance during 2023 was outstanding, both from a growth and profitability standpoint," said Stephen Stone, President and Chief Executive Officer of CoastalSouth and CSB. "Alston & Bird LLP served as legal counsel to the Company.Established in 2003, CoastalSouth Bancshares, Inc. (OTCQX: COSO), is headquartered in Hilton Head Island, South Carolina. 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.