NEW: Rhode Island’s Coastway Community Bank to File IPO
Wednesday, August 28, 2013
Coastway Community Bank, a Rhode Island financial institution for over 90 years, will be filing an Initial Public Offering (IPO) to raise capital for future expansion, GoLocal has learned.
“For 93 years, Coastway’s top priority has been to serve our depositors, to make our local economy stronger and to serve our community,” said Bill White, President and CEO of Coastway. “The additional capital we raise from this transaction will position us to continue our recent growth and make us an even stronger institution, but still retain our independence and community focus.”
“Under this plan our depositors will have the first opportunity to share in the ownership of our institution,” White added. “After the conversion, our commitment to our customers will remain unchanged and they will continue to be served by the same great Coastway team with the same commitment to excellent service.”
It is expected to be trading on NASDAQ by the first quarter of 2014.
Coastway at a Glance
Coastway has approximately $375 million in assets at June 30, 2013 and approximately 26,000 customers. The bank has branches in Cranston, East Providence, Lincoln, Providence and Warwick. The bank’s website is www.coastway.com.
Customers who were depositors at Coastway on July 30, 2012 will be eligible to have first priority for nontransferable subscription rights to purchase common stock. It is anticipated that the conversion will be completed in the first quarter of 2014, White said.
The conversion and reorganization is subject to approval by Coastway’s depositors, the Federal Reserve Board and the Rhode Island Department of Business Regulation.
Coastway offers residential mortgages, reverse mortgages, and refinancing; it has done over $137 million in business lending since converting to a Community Bank in 2009.
Since 2010, Coastway Community Bank has donated over 5,000 in employee community service hours to non-profits throughout Rhode Island.
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