Coastal Financial in Everett, Wash., and Financial Institutions in Warsaw, N.Y., are raising capital by selling common stock.
The $4.1 billion-asset Coastal said in a press release that it is selling 1.2 million shares of stock at $71 each. It could sell another 180,000 shares if there is enough demand. Gross proceeds from the offering could range from $85.2 million to $98 million.
Net proceeds could be used to support investment opportunities and the bank’s growth, among other things.
Keefe, Bruyette & Woods is the lead bookrunning manager. Hovde Group is a joint bookrunning manager, while Raymond James and Stephens are co-managers.
Separately, the $6.1 billion-asset Financial Institutions plans to sell 4 million shares at $25 each. It could sell an additional 600,000 shares.
Net proceeds of $95 million could be used to restructure the bank’s balance sheet and repay debt, among other things.
KBW is the sole bookrunner, while Piper Sandler is the co-manager.