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Carolina Financial offering $40M in common stock


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Carolina Financial offering $40M in common stock

Charleston, S.C.-based Carolina Financial Corp. commenced an underwritten offering of around $40 million of its common stock.

Raymond James & Associates Inc. and Keefe Bruyette & Woods Inc. are serving as book-running managers, while Stephens Inc. is acting as co-manager.

The underwriters will have a 30-day option to purchase an additional 15% of the offered amount of common stock to cover any overallotments.

Net proceeds are expected to be used to support organic and acquisitive growth, as well as for general corporate purposes, which may include providing capital to the company's unit, CresCom Bank.