VanSickle Investments Participates in Coastal Community Bank Equity Financing

Coastal Community Bank has raised $6.5 million in a private stock offering that the Everett-based bank said would be used to bolster the bank’s capital and take advantage of expansion opportunities.

An earlier version of this blog post included details from a private placement offering that contained outdated information. I caught up with Coastal Community Bank CEO Eric Sprink, who helped clarify and correct the information.

Coastal added one branch in Snohomish recently, and plans to open a new branch in Smokey Point. The bank said the stock sale would likely further enhance the shares owned by Coastal’s three major shareholders. One of those shareholders is Steve Hovde, an investment banker from Chicago. Hovde also has a financial interest in Sunwest Bank of Orange County, Calif., where his brother, Eric Hovde, is a major shareholder and chairman.