Coastal bank has a good first day of Wall Street trading

Published 1:30 am Wednesday, July 18, 2018

EVERETT — Coastal Financial Corp., the holding company for Coastal Community Bank, began trading Wednesday on the Nasdaq Stock Market under the symbol CCB, raising more than $40 million.

The Everett-based financial institution offered 2.85 million shares of common stock at an initial price of $14.50 per share, according to a company news release.

Shares of Coastal Financial rose nearly 14 percent on the first day of trading, closing at $16.40 on Wednesday.

Founded in 1997, Coastal operates 13 branches — 10 in Snohomish County, two in Island County and one in King County.

At the end of March, the Everett-based financial institution reported $35 million in revenue for the preceding 12 months.