CRANSTON – Coastway Bancorp, the parent company of Coastway Community Bank, became a publicly traded company today, listed on the Nasdaq exchange under the symbol CWAY. The bank offering of $48.3 million in stock is listed at $10 per share.
Of the total 4,827,125 shares of common stock, 395,934 shares are to the employee stock ownership plan, according to a Jan. 14 press release from the bank.
Sandler O’Neill & Partners LP is handling the stock sale.
Coastway Bancorp also contributed 122,054 shares and $300,000 in cash to a charitable foundation established by the bank in connection with the mutual-to-stock conversion.
The initial public offering is to raise additional capital to meet the high demand for lending the bank is experiencing.
“We have a high demand for both business lending and residential mortgage lending,” Coastway Community Bank President and CEO Bill White told Providence Business News during the fourth quarter of 2013.
Coastway converted from a credit union to a community bank in 2009. The Cranston-based bank has nine branches, with locations also in East Greenwich, East Providence, Lincoln, Providence and Warwick.