HOUSTON -- Coastal Banc Savings Association has filed a registration statement with the Office of Thrift Supervision to offer $25 million of noncumulative preferred stock.
Coastal said proceeds will qualify as core capital and support expansion and other general corporate purposes. The managing underwriters, Wertheim Schroder & Co., Piper Jaffray Inc., and Rauscher Pierce Refsnes Inc., will have the option to purchase an additional 150,000 shares for overallotments, if any.
The Houston-based thrift has $1.6 billion of assets and 26 offices.
