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Carolina Financial prices common stock offering

Charleston, S.C.-based Carolina Financial Corp. is offering 1.5 million shares of its common stock at $42.25 per share.

The selling stockholders are offering an additional 96,350 shares of the company's common stock at the same price.

The offering is expected to result in gross proceeds of approximately $63.4 million to the company and $4.1 million to the selling stockholders, before expenses. Net proceeds to the company, after estimated expenses, will be approximately $63.1 million. The company will not receive any of the proceeds from the sale of shares by the selling stockholders.

Carolina plans to use the offering's proceeds to support organic growth and for general corporate purposes, which may include contributing a part of the proceeds to unit CresCom Bank as additional capital.