| Coastal Bank Corporation | |||
| Proposed Ticker: | - | 999 Ninth Street South | |
| Exchange: | Over-the-Counter Market | Naples, FL 34102 | |
| Industry: | Financial (SIC Code 6712) | (941) 434-0441 | |
| # of Employees: | 19 | ||
| Type of Shares: | Common Shares | Filing Date: | 10/31/97 | |
| U.S. Shares Filed: | 1,500,000 | Filing Price: | $10.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $15,000,000 | |
| Primary Shares: | 1,500,000 | Expenses: | $340,889 | |
| Secondary Shares: | 0 | Shares Out After: | 1,500,000 |
| Manager | Tier | Phone |
| Robert W. Baird & Company | Lead Manager | (414) 765-3632 |
| Ashton Kelly & Co. | Co-manager |
| Issuer's Law Firm: | McCaffrey & Raimi, P.A. |
| Bank's Law Firm: | Holland & Knight |
| Auditor: | Hill, Barth & King, Inc. |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 8/31/97 | 8/31/97 | ||||
| Revenue: | $0.01 | Assets: | $0.53 | ||
| Net Income: | -$0.34 | Curr Assets: | |||
| EPS: | Liabilities: | $0.87 | |||
| Prior EPS: | -$0.32 | Curr Liabilities: | |||
| Cash Flow/Oper: | $0.75 | Equity: | -$0.34 | ||
| Cash Flow/Fin: | -$0.02 | Cash: | $0.41 | ||
| Cash Flow/Inv: | -$0.02 | ||||
| Business Description |
| The company was incorporated under the laws of the State of Florida primarily to serve as a bank holding company for the Coastal Bank. The Company intends to use $10 million of the proceeds from this offering to purchase all of the stock of the Bank. The Bank is in the process of being organized as a national bank under federal law. The Bank has pending an application with the Comptroller of the Currency (the "Comptroller") for a national bank charter and with the Federal Deposit Insurance Corporation (the "FDIC") for federal deposit insurance. After the Bank receives preliminary approval from the Comptroller and the FDIC, the Company will file an application with the Board of Governors of the Federal Reserve System (the "Federal Reserve") for prior approval to become a bank holding company. The Bank intends to service the western portion of Collier County, Florida. This area includes the cities of Naples and Marco Island. |
| Competition |
| The banking business in Collier County is highly competitive. There are many larger financial institutions that operate in this area, including the subsidiary banks of statewide, regional, and national bank holding companies and thrifts. Also, newly effective federal laws now permit nationwide banking and branching, which may result in increased competition. Management proposes to meet this competition by providing its customers with highly professional, personalized attention, responding in a timely manner to product and service requests and exhibiting an active interest in customers' business and personal financial needs. |
| Business Plan |
| The Bank's strategy is to attain a market share by attracting customers with a superior level of prompt and personalized banking service. The goal of the organizers and management is to create a customer-driven financial institution that gives high value to its customers by delivering customized, quality products and services and by providing private-banking. Management believes that such a bank will appeal to customers who prefer to conduct their banking business with a locally-managed financial institution that demonstrates both a genuine interest in their financial affairs and an ability to cater to their financial needs. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |
| Officer Name | Title | Age |
| Sidney T. Jackson | President, CEO & Director | 55 |
| Ronald Kennedy | Vice President | 60 |