CoastalSouth Bancshares, Inc. (COSO) priced its public offering – a New York Stock Exchange uplisting deal – at $21.50 – the low end of its $21.50-to-$23.50 price range – on Tuesday night, July 1, 2025. CoastalSouth Bancshares trimmed its offering’s size at pricing to 2.04 million shares – down from the 2.06 million shares in the prospectus. The Atlanta, Georgia-based bank holding company raised $43.75 million. (Editor’s Note: This story, published Tuesday night, July 1, 2025, was updated on Wednesday, July 2, 2025, with news of CoastalSouth Bancshares’ (uplisted stock) first day of NYSE trading.)
Piper Sandler was the sole book-runner. Stephens Inc. served as a lead manager.
The public offering was conducted in connection with CoastalSouth Bancshares’ uplisting to the NYSE from the OTCQX Marketplace.
CoastalSouth Bancshares’ stock opened flat at $21.50 in its New York Stock Exchange on Wednesday morning, July 2, 2025.
The company’s flagship bank, Coastal States Bank, operates 11 branches in Georgia and South Carolina, according to the prospectus. The bank serves the Atlanta, Georgia, metropolitan area, as well as Savannah, Georgia, and the Low Country of South Carolina, which includes Hilton Head Island.
In addition to its community bank, CoastalSouth Bancshares said in the prospectus that it is also involved in four specialty lines of business that serve clients across the Southeast and the United States: (1) senior housing lending, with a focus on loans for assisted living facilities; (2) marine lending, with a focus on consumer loans mostly to borrowers with high net worth – these loans are secured by yachts and high-end sport fishing vessels; (3) government guaranteed lending, with a focus on the origination of small business loans and other loans guaranteed by the SBA and the USDA, and (4) mortgage banker finance, which focuses on mortgage warehouse lending to mortgage originators.
CoastalSouth Bancshares, Inc. is profitable, according to financial statements in the prospectus: Net income of $24.53 million on revenue of $72.1 million for the 12 months that ended March 31, 2025.
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