CORRESP Filing
CoastalSouth Bancshares, Inc.
Date: June 24, 2025 · CIK: 0001297107 · Accession: 0000950170-25-089219
AI Filing Summary & Sentiment
Reasoning
Referenced dates: June 17, 2025
Letter
One Atlantic Center 1201 West Peachtree Street Atlanta, GA 30309-3424 404-881-7000 | Fax: 404-881-7777 June 24, 2025 VIA ELECTRONIC SUBMISSION U.S. Securities and Exchange Commission Division of Corporation Finance Office of Finance 100 F Street, N.E. Washington, D.C. 20549 Attn: Lory Empie William Schroeder Robert Arzonetti Todd Schiffman Re: CoastalSouth Bancshares, Inc. Registration Statement on Form S-1 Submitted June 6, 2025 CIK No. 0001297107 To Whom It May Concern: On behalf of CoastalSouth Bancshares, Inc., a Georgia corporation (the “ Company ”), we hereby respectfully respond to comments from the staff (the “ Staff ”) of the U.S. Securities and Exchange Commission (the “ Commission ”) received in a letter dated June 17, 2025, relating to the Company’s Registration Statement on Form S-1 submitted on June 6, 2025. We are concurrently filing a Pre-Effective Amendment No. 1 to the Form S-1 (“ Amendment No. 1 ”), which reflects responses to the comments received from the Staff and certain other updated information. Recent Developments, page 20 Comment 1: We note in the second paragraph that you do not intend to update the preliminary estimated information. Please confirm that there have been no material changes as of the date you file your next amendment. Response: The Company confirms that there have been no material changes as of June 23, 2025, the date of Amendment No. 1.
Alston & Bird LLP www.alston.com
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Risk Factors We are a bank holding company..., page 43 Comment 2: We note the final sentence indicating that all of the stock of the bank is pledged as collateral for the revolving commercial line of credit. Please discuss this in a separate risk factor. Response: In response to the Staff’s comment, the Company has revised the disclosure on page 44 to indicate that all of the stock of Coastal States Bank is pledged as collateral for the Company’s revolving line of credit with ServisFirst Bank. Should you have any questions, please do not hesitate to contact us. Very truly yours, Alston & Bird LLP /s/ Mark C. Kanaly _____________________________ By: Mark C. Kanaly A Partner CC: Stephen R. Stone President and Chief Executive Officer, CoastalSouth Bancshares, Inc.
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CORRESP 1 filename1.htm CORRESP One Atlantic Center 1201 West Peachtree Street Atlanta, GA 30309-3424 404-881-7000 | Fax: 404-881-7777 June 24, 2025 VIA ELECTRONIC SUBMISSION U.S. Securities and Exchange Commission Division of Corporation Finance Office of Finance 100 F Street, N.E. Washington, D.C. 20549 Attn: Lory Empie William Schroeder Robert Arzonetti Todd Schiffman Re: CoastalSouth Bancshares, Inc. Registration Statement on Form S-1 Submitted June 6, 2025 CIK No. 0001297107 To Whom It May Concern: On behalf of CoastalSouth Bancshares, Inc., a Georgia corporation (the “ Company ”), we hereby respectfully respond to comments from the staff (the “ Staff ”) of the U.S. Securities and Exchange Commission (the “ Commission ”) received in a letter dated June 17, 2025, relating to the Company’s Registration Statement on Form S-1 submitted on June 6, 2025. We are concurrently filing a Pre-Effective Amendment No. 1 to the Form S-1 (“ Amendment No. 1 ”), which reflects responses to the comments received from the Staff and certain other updated information. Recent Developments, page 20 Comment 1: We note in the second paragraph that you do not intend to update the preliminary estimated information. Please confirm that there have been no material changes as of the date you file your next amendment. Response: The Company confirms that there have been no material changes as of June 23, 2025, the date of Amendment No. 1. Alston & Bird LLP www.alston.com Atlanta | Brussels | Century City | Charlotte | Chicago | Dallas | London | Los Angeles | New York | Raleigh | San Francisco | Silicon Valley | Washington, D.C. Risk Factors We are a bank holding company..., page 43 Comment 2: We note the final sentence indicating that all of the stock of the bank is pledged as collateral for the revolving commercial line of credit. Please discuss this in a separate risk factor. Response: In response to the Staff’s comment, the Company has revised the disclosure on page 44 to indicate that all of the stock of Coastal States Bank is pledged as collateral for the Company’s revolving line of credit with ServisFirst Bank. Should you have any questions, please do not hesitate to contact us. Very truly yours, Alston & Bird LLP /s/ Mark C. Kanaly _____________________________ By: Mark C. Kanaly A Partner CC: Stephen R. Stone President and Chief Executive Officer, CoastalSouth Bancshares, Inc.