EVERETT, Wash., Nov. 01, 2022 (GLOBE NEWSWIRE) — Coastal Financial Corporation CCB (“Coastal” or the “Company”), the holding company of Coastal Community Bank (the “Bank”), today announced the closing of its private placement of $20 million of fixed-to-floating rate subordinated notes due November 1, 2032 known (“The Notes”).

The Notes will bear interest at a fixed annual rate of 7.00% for the first five years and reset quarterly thereafter to the then-current three-month Secured Overnight Funding Rate (SOFR) plus 290 basis points.

The Company intends to use the net proceeds from the Offering for general corporate purposes. The Company has the right to redeem the Notes in whole or in part on any Interest Payment Date on or after November 1, 2027 or at any time in whole but not in part on certain other specified events prior to interest on the Notes. Maturity November 1, 2032.

Keefe, Bruyette & Woods, A pen company acted as sole placement agent for the offering of Notes. Covington & Burling LLP acted as legal counsel to the Company in the offering.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor may there be any offer, solicitation or sale in any jurisdiction in which such offer constitutes a solicitation or sale prior to registration or qualification under the securities laws of such jurisdiction would be unlawful. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other governmental agency or fund.

About Coastal Financial Corporation
coastal finance company CCBis an Everett, Washington-based banking holding company with Coastal Community Bank (the “Bank”), a full-service commercial bank, as…