CoastalSouth Bancshares, a community bank serving South Carolina and Georgia, filed on Friday with the SEC to raise up to $80 million in an initial public offering.
Coastal States Bank offers a comprehensive range of banking products and services within the rapidly growing markets of the Lowcountry of South Carolina, Savannah, Georgia, and the Atlanta, Georgia. As of March 31, 2025, the company reported total loans of $1.7 billion, and has achieved a five-year compounded annual growth rate (CAGR) of 24% in total loans and 25% in deposits since 2019. The company maintains a strong focus on risk management, with nonperforming assets to total assets ratio at 0.70% as of 3/31/25.
The Atlanta, GA-based company was founded in 2003 and booked $59 million in sales for the 12 months ended March 31, 2025. It plans to list on the NYSE under the symbol COSO. Piper Sandler is the sole bookrunner on the deal. No pricing terms were disclosed.
