Carolina Financial Corporation announces pricing of public offering of common stock
January 20, 2017
Carolina Financial Corporation, the parent company of CresCom Bank, announced today that the pricing of an underwritten public offering of 1,571,429 shares of its common stock at a price to the public of $28.00 per share for gross proceeds of approximately $44.0 million. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $41.5 million (or approximately $47.7 million if the underwriters exercise their option to purchase additional shares in full). The Company has granted the underwriters a 30-day option to purchase up to an additional 235,714 shares of the Company’s common stock to cover over-allotments, if any. Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. are serving as book-running managers, and Stephens Inc. is serving as co-manager. The Company expects to close the transaction, subject to customary conditions, on or about January 25, 2017.
The shares will be issued pursuant to a prospectus supplement filed as a part of the shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission on December 23, 2016 and declared effective on January 5, 2017.
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 or via e-mail at [email protected]
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 December 31, 2016, Carolina Financial Corporation had approximately $1.7 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.
