Seacoast Commerce Bank (CCB) Prices 740K Share Offering at $40.50/sh

Coastal Financial Corporation (NASDAQ: CCB), the holding company for Coastal Community Bank (the “Bank”), today announced the pricing of an underwritten public offering of 740,742 shares of its common stock at a price to the public of $40.50 per share. Coastal also granted the underwriters a 30-day option to purchase up to an additional 111,111 shares of its common stock.

The aggregate gross proceeds of the offering will be approximately $30.0 million before deducting underwriting discounts and estimated offering expenses. Assuming the underwriters’ option to purchase additional shares is exercised in full, it is expected the aggregate gross proceeds of the offering would be approximately $34.5 million before deducting underwriting discounts and estimated offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, supporting investment opportunities and the Bank’s growth. The offering is expected to close on or about December 17, 2021, subject to customary closing conditions.

Keefe, Bruyette & Woods, Inc. is serving as sole bookrunning manager and Raymond James & Associates, Inc., Stephens Inc., and Hovde Group, LLC are serving as co-managers for the offering.

The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 (File No. 333-255210) filed by Coastal with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on April 22, 2021, and only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement related to the offering has been filed with the SEC. Prospective investors should read the preliminary prospectus supplement, the final prospectus supplement, when available, and the accompanying prospectus and other documents Coastal has filed with the SEC for more complete information about Coastal and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Copies of the preliminary prospectus supplement, the final prospectus supplement, when available, and the accompanying prospectus relating to this offering may be obtained by contacting Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling toll free at (800) 966-1559 or emailing [email protected].

This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities, nor shall there be any offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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