Carolina Financial Corp. closed an underwritten public offering of 1,807,143 common shares at $28 apiece.
The offering includes 235,714 shares that the underwriters bought through the full exercise of their overallotment option.
The Charleston, S.C.-based company plans to use the net proceeds of about $47.7 million to support organic and acquisitive growth. A portion of the proceeds may also be contributed to Carolina Financial unit CresCom Bank as additional capital.
Raymond James & Associates Inc. and Keefe Bruyette & Woods Inc. were book-running managers, while Stephens Inc. was co-manager in the offering.