CoastalSouth Bancshares in Hilton Head, S.C., has raised $9 million through a private placement of common stock.
The $2 billion-asset company said in a press release that it will use the net proceeds for a range of purposes that could include continued growth and maintaining bank-level regulatory capital ratios.
The company did not disclose the investors involved.
“CSB continues to enjoy strong customer loyalty and meaningful opportunities for growth across our community banking franchise and our specialty lines of business,” Steve Stone, CoastalSouth’s president and CEO, said in the release.
The private placement “is a reflection of the consistent support that we receive from our investor base and positions the company to take advantage of the growth opportunities that we see,” Stone added. “We are excited to be well-positioned to take the next step in our disciplined growth strategy.”
Alston & Bird served as legal counsel.