Parent of Coastal Community Bank plans public stock offering

Published 1:30 am Thursday, June 21, 2018

EVERETT — Coastal Financial Corp., the holding company for Coastal Community Bank, hopes to raise up to $30 million in an initial public offering of stock, according to documents filed this week with the Securities and Exchange Commission.

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

The company has not yet disclosed an initial stock price.

Coastal plans to list on the Nasdaq Stock Market under the symbol CCB.

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

As of March 31, Coastal had total assets of $831 million, loans of nearly $678.5 million, deposits of $727.3 million and shareholder equity of $66.9 million, according to the SEC filing.

Janice Podsada: jpodsada@heraldnet.com; 425-339-3097