Coastal Bank & Trust in Jacksonville, N.C., has raised $8 million through a private placement of common stock.

The $98 million-asset bank said in a press release Monday that it sold shares to institutional and accredited investors. Coastal will use the proceeds to support future growth, among other things.

“We are very pleased to announce the successful completion of our common stock offering," Richard Jefferson, the bank's president and CEO, said in the release.

"We believe our bank is well-positioned to take advantage of opportunities in our market, and the new capital will allow us to execute our strategy and grow the balance sheet," Jefferson added. "The success of the placement is a vote of confidence in our team, and we look forward to creating additional value for all of our shareholders.”

FIG Partners in Atlanta served as the placement agent.

Coastal Bank & Trust plans to use recently raised capital to expand its operations.

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