The holding company for Coastal Community Bank priced its initial public offering of stock at $14.50 per share.
Coastal Financial, the holding company for Coastal Community Bank, priced its initial public offering of stock at $14.50 per share.
The Everett-based company raised nearly $40 million before costs by selling 2.15 million shares, while a stockholder sold another 700,000 shares in the offering. Shares will begin trading on Wednesday under the ticker symbol “CCB” on Nasdaq.
The company’s prospectus said the 10-branch institution’s strategy is to continue focusing on Snohomish County and avoid the more populous but more competitive market in King County. It also noted that nearly 67 percent of its loans are in commercial real estate, considered more risky than residential loans.
As of March 31, Coastal had total assets of $831.0 million.