Carolina Financial Corporation announces proposed offering of common stock
November 30, 2015
Carolina Financial Corporation (NASDAQ: CARO), the parent company of CresCom Bank, announced that it has commenced an underwritten offering of approximately $25 million of its common stock. The underwriters will have a 30-day option to purchase an additional 15 percent of the offered amount of common stock from the Company to cover over-allotments, if any. Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. will serve as book-running managers, and Sandler O’Neill + Partners, L.P. will serve as co-manager.
The shares will be issued pursuant to a prospectus supplement filed as a part of a shelf registration statement previously filed with the Securities and Exchange Commission on Form S-3.
The Company intends to use the net proceeds from the offering to support organic and acquisitive growth and for general corporate purposes, which may include contributing a portion of the proceeds to CresCom Bank as additional capital.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these 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. The offering will be made only by means of a prospectus, copies of which may be obtained from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, (800)-248-8863.
About Carolina Financial Corporation
Carolina Financial Corporation is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company. As of September 30, 2015, Carolina Financial Corporation had approximately $1.3 billion in total assets and Crescent Mortgage Company originated loans in 45 states and partnered with approximately 2,000 community banks, credit unions and mortgage brokers. In 2014, Carolina Financial was added to the Nasdaq Community Bank Index (ABAQ) by the American Bankers Association. It also ranked #1 on American Banker’s 2015 list of “Top 200 Community Banks and Thrifts as Ranked by Three-Year Average ROE.” During 2014, CresCom Bank completed two branch acquisitions and grew from 11 to 26 branch locations. In addition, in 2014 the Company added loan production offices in Greenville, S.C., and Wilmington, N.C. In August 2015, the Company opened a full service branch in Greenville, SC. To learn more about CresCom Bank, visit www.haveanicebank.com or call 1-855-CRESCOM. ~
