Coastal Bancshares Acquisition Corp. – STILL IN REGISTRATION
Number of units being registered: 4,000,000
Proposed price per unit: $6.00
Terms of deal: One share of common stock and warrants to purchase two shares of common stock at $5.00 per share.
Underwriters: Newbridge Securities Corporation and I-Bankers Securities Corporation
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 5,000,000
Shares to be held by public shareholders: 4,000,000
Shares held by insiders: 1,000,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $24,000,000
Net proceeds to be held in escrow: $20,400,000
Escrowed proceeds per share applicable to future public shareholders: $5.10
Date of IPO: N/A
Date of original filing: August 17, 2004
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Description of business: Coastal Bancshares Acquisition Corp. is a newly organized blank check company. We were organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in a specified industry. As a "Targeted Acquisition Corporation" or "TAC", our objective is to acquire an operating business in the banking industry. Specifically, we intend to acquire an operating commercial bank or commercial bank holding company.
Biographical information of significant officer: W. Donald Brunson has been our President, Co-Chief Executive Officer and a member of our Board of Directors since inception. Since 1996 he has been a shareholder and Senior Vice President at American Prudential Capital, Inc., an asset based lending organization. From 1994 through 1995, he was President, a Director, and member of the Executive Committee of Sunbelt National Bank in Houston, Texas. In 1982, Mr. Brunson was the founding President and Chief Executive Officer of Southwest Bancorp of Texas, Inc. NASDAQ: SWBT), currently an SEC reporting company. Southwest Bancorp of Texas is now the largest independent bank holding company based in Houston, Texas, and one of the largest based in Texas, with more than $6.1 billion in assets. Mr. Brunson was the President and Chief Executive Officer of Southwest Bank of Texas through 1989, when it substantially increased its equity capital and changed its name from Northwest Crossing National Bank. After the changes, he was an Executive Vice President and Chief Financial Officer, a Board Member, member of the Executive Committee, and Chairman of the Asset/Liability Committee until his departure in 1994. From 1969 until 1982, Mr. Brunson was an executive officer at several other banking institutions in Houston, Texas. He began his career in public accounting at Price Waterhouse & Co. Mr. Brunson earned a Bachelor of Science in Accounting at Louisiana Tech University. He is a past Chairman of the American Institute of Banking and past board member of the Houston Clearing Association.
SEC filings: sec.gov |
