Lincolnton-based Carolina Trust Bank has announced a public offering of up to 1.8 million shares of its common stock.
The bank, which has six branches in Denver, Gastonia, Lincolnton and Vale, could sell up to 270,000 additional shares as part of the offering.
Proceeds from the offering, which is being underwritten by McKinnon & Co., will be used to expand the bank’s loan and investment portfolios and for opening or acquiring more branches, among other things.
In the third quarter, the bank reported a net loss of $372,000 attributable to shareholders, or 15 cents per diluted share. During the same period last year, it lost $908,000, or 52 cents per diluted share.