Coastal Community Bank: Major Success on First Day at ExchangeThu, July 19, 2018 by Everett PostSHARE NOW HomeNorth Sound StoriesCoastal Community Bank: Major Success on First Day at ExchangeCoastal Community Bank came out swingin’ during it’s Initial Public Offering. According to Nasdaq, CCB “raised $41 million by offering 2.85 million shares at $14.50, toward the high end of the $13 to $15 range. It had planned to raise $38 million by offering 2.72 million shares…” 21% of shares sold were secondary.Below is the press release from CCB, released just before the IPO.Coastal Financial Corporation (“Coastal”), the bank holding company for Coastal Community Bank, today announced the pricing of its initial public offering of 2,850,000 shares of its common stock at a public offering price of $14.50 per share. The offering was upsized from the previously announced offering size of 2,720,000 shares of common stock. Of the offered shares, 2,150,000 shares are being offered by Coastal and 700,000 are being offered by a selling shareholder.Coastal has granted the underwriters a 30-day option to purchase up to an additional 427,500 shares of its common stock. Coastal’s common stock is expected to begin trading on the Nasdaq Global Select Market under the trading symbol “CCB” on Wednesday, July 18, 2018.Coastal intends to use the net proceeds from the offering to support its growth, organically or through mergers and acquisitions, and for general corporate purposes, which may include the repayment or refinancing of debt and maintenance of required regulatory capital levels. Coastal will not receive any proceeds from the sale of shares of common stock by the selling shareholder in the offering. Keefe, Bruyette & Woods, A Stifel Company, and Hovde Group, LLC are acting as joint bookrunning managers for the offering. The offering is being made only by means of a prospectus.Copies of the 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 has been declared effective by the Securities and Exchange Commission on July 17, 2018.