04:17 AM EST, 12/11/2024 (MT Newswires) -- Coastal Financial (CCB) said late Tuesday it has priced a public offering of 1.2 million shares at $71.00 per share.

Coastal also granted underwriters a 30-day option to purchase up to 180,000 additional shares.

Total proceeds from the offering are expected to be about $85.2 million, or $98.0 million assuming the underwriters fully exercise their option, the company said.

Coastal said it intends to use the net proceeds from the offering, expected to close Thursday, for general corporate purposes.