CoastalSouth Bancshares in Hilton Head Island, S.C., raised $12 million through a private placement of common stock.
The $2 billion-asset company said in a press release that it raised the funds on Jan. 26. It did not disclose any of the investors.
CoastalSouth said it plans to use the proceeds for general corporate purposes, including continued growth and maintaining bank-level regulatory capital ratios.
“CSB’s performance during 2023 was outstanding, both from a growth and profitability standpoint,” Stephen Stone, the company’s president and CEO, said in the release. “We are very fortunate to enjoy a strong and supportive shareholder base and we are excited about our prospects for continued growth.”
Alston & Bird advised the company.