CoastalSouth's IPO prices at lower than expected range

July 3, 2025 2:12 PM

In this week's banking news roundup: Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more.

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CoastalSouth’s IPO prices at bottom of range

The initial public offering for CoastalSouth Bancshares was priced at $21.50 a share, which was at the bottom of the company's expected range.

CoastalSouth, which started trading on the New York Stock Exchange under the ticker symbol "COSO" on Wednesday, is the second bank to go public in 2025. The Atlanta-based company, which filed for the IPO on June 6, had expected its IPO price to be between $21.50 and $23.50.

"There are absolutely other banks watching this, saying, 'What does it tell me about market conditions?'" Christopher Olsen, managing partner at the investment bank Olsen Palmer, told American Banker before the pricing was announced.

Olsen predicted that if CoastalSouth landed at or below the bottom end of the price range, it could keep bank IPO activity slow. The shares peaked at $21.74 on Wednesday and were trading at $21.40 midday Thursday.

The $2.2 billion-asset CoastalSouth issued 1.7 million shares of its common stock, and 900,000 more were offered by the company's existing shareholders.

CoastalSouth reported an expected $33.7 million in net proceeds and aimed to use the cash to better execute its growth strategy, which could include an acquisition, it said in a June 24 securities filing. CoastalSouth, the holding company for Coastal States Bank, acquired First Citizens Financial Corp. in 2018 and Cornerstone Bancshares in 2021.

Northpointe Bancshares was the first bank IPO this year. That offering priced at $14.50 in February, below the company's expected range of $16 to $18. Northpointe's stock price has remained below its offering price for nearly three months. —Colin McNamara

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Valley taps new legal chief

Valley National Bancorp said Tuesday that it has hired Lyndsey Sloan as general counsel to succeed Gary Michael, who retired from the company after nearly two decades.

Sloan joined the New Jersey-based bank from Huntington National Bank, where she served as deputy general counsel. At Valley, she will oversee the legal team and functions, and will serve as a strategic advisor to executive management and the board.

The new general counsel marks the latest addition to the $62 billion-asset bank's executive team, following the appointments of Gino Martocci as president of commercial banking and Travis Lan as chief financial officer in March.

CEO Ira Robbins said in a statement that Sloan's legal experience will help Valley "navigate an evolving landscape." The banking regulatory environment has been shifting quickly since President Donald Trump took office, and federal agencies rein in rules around mergers and acquisitions, capital requirements and other controls. —Catherine Leffert

Webster brings on new board member, risk chief

Webster Financial Corporation said Tuesday it had hired a new chief risk officer and appointed a new independent member for its board of directors.

The $80 billion-asset bank has tapped Jason Schugel as chief risk officer, effective July 14, to succeed Daniel Bley. Bley, who's retiring, will temporarily serve in an advisory role to help transition Schugel into the position. Schugel joins Webster from Ally Financial, where he served as chief risk officer for 15 years, helping the bank build risk and audit frameworks for its technology advancements.

"Jason's significant knowledge of governance and risk management will be invaluable as we continue to navigate the regulatory landscape," said John Ciulla, chairman and chief executive officer of Webster, in a statement.

Fred Crawford will join Webster's board, after most recently serving as president and chief operating officer at insurance company Aflac. —Catherine Leffert

AFSA names Celia Winslow as new president, CEO

The American Financial Services Association, a trade group for the consumer credit industry, named Celia Winslow its new president and CEO. She will succeed Bill Himpler, who will remain with the organization through 2025 as a senior advisor.

"It's been an honor to lead AFSA, and I'm thrilled for Celia and the opportunities ahead for the organization under her leadership," Himpler said in a press release.

Winslow has served as AFSA's executive vice president and has been a leading voice for the consumer credit industry and its customers on Capitol Hill and with federal regulators.

"I look forward to working with our talented team and continuing to advocate clear rules of the road for our industry and sound, appropriate protections for consumers," she said in the release.

Founded in 1916, AFSA's members include traditional installment loan and vehicle-finance companies, as well as national and regional banks, credit card companies and mortgage lenders. —Traci Parks

David Frame to lead JPMorgan’s global private bank

JPMorganChase has appointed a global head of its private bank, a new role filled by a familiar face.

David Frame, a 30-year JPMorgan veteran, is now Global CEO of J.P. Morgan Private Bank, the megabank said Thursday. Frame has been leading JPMorgan's U.S. Private Bank since 2019. He will continue in that role as he expands his responsibilities to cover the private bank's entire worldwide operations.

Mary Callahan Erdoes, head of J.P. Morgan Asset & Wealth Management, said in a statement that Frame "will focus on further enhancing our U.S. and international private banking businesses, platform and services."

In an interview with the Wall Street Journal, Erdoes and Frame explained that the private bank is deliberately adopting a more international approach. Today's ultrarich clients, they said, want their wealth invested in more than one country.

"As I step into the role of Global CEO, I am energized by the opportunity to connect with our teams and clients worldwide," Frame said in a statement. —Nathan Place

Morgan Stanley reshuffles tech investment banking leadership

Morgan Stanley has appointed Drew Guevara as a global co-head of technology investment banking as part of a broader reshuffle of one of the Wall Street bank's most storied franchises.

Guevara will work alongside Dave Chen and Enrique Perez-Hernandez, according to an internal memo reviewed by Bloomberg News. Guevara is returning to the role he held until 2022, having most recently been a vice chairman at the bank.

As part of the rejig, Wally Cheng will become head of global technology M&A. Cheng joined Morgan Stanley in 2016 and has worked on some of the bank's most complex technology transactions, the memo states.

Morgan Stanley veterans Colin Stewart and Mike Wyatt, who have both been at the bank for more than 30 years, are each taking on new roles: Stewart has been named vice chairman of global technology M&A and capital markets, while Wyatt will become vice chairman in the global technology group. —Ryan Gould, Bloomberg News

ING to cut 230 jobs saying it has ‘too many’ managing directors

ING Groep is making cuts among its senior executives, saying there are just too many of them.

The Dutch lender plans to eliminate 230 roles across its wholesale banking division, according to a statement on Monday. The cuts "will be focused on directors and managing directors in commercial, front office roles" as the lender has "too many senior roles," it said.

ING Chief Executive Officer Steven van Rijswijk told Bloomberg News earlier this month that he may slow the pace of share buybacks after increasing the amount of money he wants to keep in the bank as a safety cushion.

The bank said in its statement on Monday that it would continue to hire in areas where it needs to grow "specialist skills." It also said it wants to "increase the size of our pool of junior talent." —Sarah Jacob, Bloomberg News