Coastal Carolina Bancshares, Inc. Completes $16.5 Million Private Placement and Begins Stock Trading
Myrtle Beach, SC, June 30, 2017 (Newswire.com) - Coastal Carolina Bancshares, Inc. (OTC: CCNB) (“the Company”), parent company of Coastal Carolina National Bank (“the Bank”), announced today the closing of a private placement common stock offering which raised $16.5 Million in additional capital.
“We are very pleased to announce the successful completion of our private placement. We believe our growing bank franchise is well-positioned and this new funding will allow us to continue to pursue growth opportunities in the communities we serve,” said Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank. “Since 2012, we have grown to six branches along the Grand Strand and in the Midlands of South Carolina, and we have just opened a Loan Production Office in the vibrant Greenville, South Carolina market. We are very excited about this opportunity for additional growth and to increase value for our shareholders,” Bolchoz said. “We proudly welcome our new shareholders to the CCNB family and appreciate the confidence they have shown in our team.”
Also, effective Monday, July 3, the Company’s common shares will begin trading on the OTC markets under the ticker symbol CCNB. “Trading on the OTC markets is a significant milestone for our company,” Bolchoz said. “We are most proud that the listing of our stock will offer a source of liquidity for our shareholders. Our growth story over the past five years has been very compelling, and we believe this initiative will greatly enhance our company’s visibility to community bank investors.”
FIG Partners, LLC acted as sole placement agent, and Wyrick Robbins Yates & Ponton LLP served as the Company’s legal counsel in this transaction.
About Coastal Carolina Bancshares, Inc. Coastal Carolina Bancshares, Inc. is the registered bank holding company of Coastal Carolina National Bank, a Myrtle Beach-based community bank serving Horry, Georgetown, Aiken, Richland, and Brunswick (NC) counties. Coastal Carolina National Bank is a locally operated financial institution focused on providing personalized service and offers a full range of banking services designed to meet the specific needs of individuals and small- and medium-sized businesses. Headquartered in Myrtle Beach, South Carolina, the Bank also has branches in Garden City, North Myrtle Beach, Conway, Aiken, and Columbia, South Carolina. Through the substantial experience of our local management and Board of Directors, Coastal Carolina Bancshares, Inc. seeks to enhance value for our shareholders, build lasting customer relationships, benefit our communities and give our employees a meaningful career opportunity. To learn more about the Company and its subsidiary bank, please visit our website at www.myccnb.com.
Forward-Looking Statements Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; successful merger integration; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business. Coastal Carolina Bancshares, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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