CoastalSouth Bancshares in Hilton Head, S.C., is planning to sell common stock.
The $2.2 billion-asset company’s registration statement will also allow certain shareholders to sell shares. The number of shares and pricing were not included.
CoastalSouth said that proceeds from the shares it sells will be used for working capital and general corporate purposes that could include supporting our organic growth, funding acquisitions, branch expansion, and repaying debt.
The filing noted that Patriot Financial Partners owns about 22.1% of CoastalSouth’s outstanding stock, while GCP Capital Partners has a 12.6% stake. EJF Capital holds roughly 13.4% of the outstanding shares.