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CresCom Bank parent looking to raise more than $40M in stock offering

Banking & Finance
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Carolina Financial Corp., the parent company of Charleston-based CresCom Bank, is offering more than 1.5 million shares of its common stock to the public for $28 per share, according to a filing with the U.S. Securities and Exchange Commission.

Gross proceeds are expected to total about $44 million, and net proceeds to the company — after deducting underwriting discounts, commissions and offering expenses — will be $41.5 million, the filing said.

The underwriters will have a 30-day option to purchase an additional 15% of the offered stock, or 235,714 shares, to cover any over allotments. If they do, the net proceeds could reach $47.7 million, the filing said.

The company expects to close the transaction on Wednesday. It intends to use the net proceeds “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,” the filing said.

Raymond James & Associates Inc. and Keefe, Bruyette & Woods Inc. are serving as book-running managers, and Stephens Inc. is the co-manager.

As of Dec. 31, Carolina Financial Corp.’s assets totaled about $1.7 billion. The company’s stocks are listed on the Nasdaq under the symbol “CARO.”

Reach Ashley Heffernan at 843-849-3144.

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