Coastal Financial edges up after stock offering priced

Associated Banc-Corp

11/12/2024 14:29

**  Shares of regional lender Coastal Financial Corp  CCB.O 
up 0.3% at $74.90 premarket after follow-on priced
  
    ** Everett, Washington-based parent of Coastal Community
Bank late Tues  1.2 mln shares at $71 for $85 mln gross proceeds
  
    ** 
    Offering price represents 4.9% discount to last sale
  
    ** CCB plans to use net offering proceeds for general
purposes, including supporting investments and the Bank's growth
  
    ** Regional lenders including Dime Community Bancshares
 DCOM.O , Valley National Bancorp  VLY.O  and Associated
Banc-Corp  ASB.N  have been on an , pouncing on a
President-elect Donald Trump-fueled rally in bank stocks
    
  
    ** CCB has 13.5 mln shares 
    outstanding for ~$1 bln market cap, per LSEG
  
    ** KBW lead bookrunner for offering, joined by Hovde Group
  
    ** Through Tues, CCB shares have risen ~17% since the Nov 5
presidential election, and are up ~50% over the past three
months. Stock hit record intraday high of $79.59 on Nov 25
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))