Coastal Financial in Everett, Wash., plans to raise up to $34.5 million by selling common stock.
The $2.5 billion-asset company said in a press release that it plans to sell at least $30 million of stock, with an overallotment that could bring in another $4.5 million.
The company said it plans to use the net proceeds for a variety of purposes, including investment opportunities and its bank’s growth.
Keefe, Bruyette & Woods is the sole bookrunning manager. Raymond James, Stephens and Hovde Group are the offering’s co-managers.