Coast Financial Holdings, Inc. Announces Pricing of Public Offering of Common Stock
October 04 2005 - 8:32PM
PR Newswire (US)
BRADENTON, Fla., Oct. 4 /PRNewswire-FirstCall/ -- Coast Financial
Holdings, Inc. (NASDAQ:CFHI), parent company of Coast Bank of
Florida, today announced that its public offering of 2,500,000
shares of its common stock was priced at $15.50 per share. The net
proceeds of the offering will be approximately $36.7 million, after
payment of underwriting discounts and commissions, but excluding
estimated offering expenses. The company has granted the
underwriters a 30-day option to purchase up to an additional
375,000 shares of common stock to cover over-allotments, if any.
The Company's common stock will continue to trade under the ticker
symbol "CFHI" but will trade on the Nasdaq National Market System
effective as of the open of market on October 5, 2005. Previously,
the common stock was quoted on the Nasdaq's Small Cap Market.
Sandler O'Neill & Partners, L.P., is the sole book-running
manager of the offering. Sterne, Agee & Leach, Inc. is the
co-manager of the offering. These shares are being issued pursuant
to a registration statement declared effective by the Securities
and Exchange Commission today. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction. This offering of common shares is made only by
means of a prospectus forming a part of the effective registration
statement. Printed copies of the prospectus relating to the
offering may be obtained from Sandler O'Neill & Partners, L.P.,
919 Third Avenue - 6th Floor, New York, NY 10022, Attention:
Syndicate Department. A prospectus relating to the offering will be
filed with the SEC, and will be available on the SEC's website at
http://www.sec.gov/. About the Company Coast Financial Holdings,
Inc. through its banking subsidiary, Coast Bank of Florida
(http://www.coastbankflorida.com/), operates 12 full-service
banking locations in Manatee and Pinellas County, Florida that
provide full-service banking operations to its customers. This
press release and other statements to be made by the Company
contain certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, including but not
limited to statements relating to projections and estimates of
earnings, revenues, cost-savings, expenses, or other financial
items; statements of management's plans, strategies, and objectives
for future operations, and management's expectations as to future
performance and operations and the time by which objectives will be
achieved; statements concerning proposed new products and services;
and statements regarding future economic, industry, or market
conditions or performance. Forward-looking statements are typically
identified by words or phrases such as "believe," expect,"
anticipate," project," and conditional verbs such as "may,"
"could," and "would," and other similar expressions or verbs. Such
forward-looking statements reflect management's current
expectations, beliefs, estimates, and projections regarding the
Company, its industry and future events, and are based upon certain
assumptions made by management. These forward-looking statements
are not guarantees of future performance and necessarily are
subject to risks, uncertainties, and other factors (many of which
are outside the control of the Company) that could cause actual
results to differ materially from those anticipated. These risks,
uncertainties, and other factors include, among others: changes in
general economic or business conditions, either nationally or in
the State of Florida, changes in the interest rate environment, the
Company's ability to successfully open and operate new branches and
collect on delinquent loans, changes in the regulatory environment,
and other risks described in the Company's Registration Statement
and as described from time to time by the Company in other reports
filed by it with the Securities and Exchange Commission. Any
forward-looking statement speaks only to the date on which the
statement is made, and the Company disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise. If the Company does update
any forward-looking statements, no inference should be drawn that
the Company will make additional updates with respect to that
statement or any other forward-looking statements. Contacts: Brian
P. Peters, President and CEO Brian F. Grimes, EVP and CFO
877-COASTFL 877-COASTFL DATASOURCE: Coast Financial Holdings, Inc.
CONTACT: Brian P. Peters, President and CEO, , or Brian F. Grimes,
EVP and CFO, , both of Coast Financial Holdings, Inc.,
1-877-COASTFL Web site: http://www.coastbankflorida.com/
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