EVERETT, Wash., June 09, 2022 (GLOBE NEWSWIRE) — Coastal Community Bank announced that they are pleased to have joined the newly launched Bankers Helping Bankers (BHB) Banking as a Service (BaaS) Association as a founding member. The Association aims to serve the unique needs of BaaS Sponsor banks.
Coastal Community Bank’s BaaS team partners with broker-dealers and digital financial services providers who deliver a broad range of offerings for different and diverse demographics.
The BaaS Association was created to:
- Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by Federally insured depository institutions.
- Promote best practices and standards for the delivery of BaaS products to non-banks.
- Build a community of like-minded bankers and other industry participants to share experiences, insights, and learnings.
- Connect Federally insured financial institutions to the technology partners who will help them facilitate a successful BaaS program.
BaaS is seeing a tremendous increase in bank participants fueled by rapid expansion in fintech funding and a constant supply of new startups. It is a highly specialized business that requires unique technology, regulatory and compliance expertise, and operational capabilities.
“BaaS banks are not all alike. We often focus on different types of partners and business models,” said Eric Sprink, CEO, Coastal Community Bank. “We look forward to working with the Association to develop and share best practices to provide excellent experiences for consumers and businesses alike.”
About Coastal Community Bank
Coastal Financial Corporation (NASDAQ: CCB) is an Everett, Washington-based bank holding company with Coastal Community Bank (the “Bank”) a full-service commercial bank, as its sole wholly-owned banking subsidiary. The Bank operates 14 branches in Snohomish, Island, and King Counties, online and through mobile banking. The Bank’s CCBX division provides banking as a service (“BaaS”) that allows our broker-dealer and digital financial service partners to offer their customers banking services. As of March 31, 2022, we had total assets of $2.83 billion, total gross loans of $1.96 billion, total deposits of $2.58 billion, and total shareholders’ equity of $207.9 million.
To learn more about Coastal Community Bank visit www.coastalbank.com. Member FDIC.
About Bankers Helping Bankers:
Bankers Helping Bankers (BHB) is a bankers-only social platform for collaboration and education. Through data tools and dynamic user groups, BHB provides community bankers with a knowledge base focused on bank technology and emerging Fintech companies, as well as hot topics such as cryptocurrencies, banking-as-a-service, becoming a sponsor bank, and launching a direct digital brand. The BHB platform is free for bankers, reaching 75% of the banks. Join the movement to help save community banking.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. The inclusion of or reference to forward-looking information in this press release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict, including the difficult market conditions and unfavorable economic conditions and uncertainties associated with the COVID-19 pandemic, including the emergence of variant strains of the virus, particularly in the markets in which we operate and in which our loans are concentrated, including declines in housing markets, an increase in unemployment levels and slowdowns in economic growth; our expected future financial results; the overall health of the local and national real estate market; the credit risk associated with our loan portfolio, such as possible additional loan losses and impairment of collectability of loans as a result of the COVID-19 pandemic and policies and programs implemented by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), including its automatic loan forbearance provisions and the effects on our loan portfolio from our Paycheck Protection Program (“PPP”) lending activities, specifically with our commercial real estate loans. For further information with respect to factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed, our Quarterly Report on Form 10-Q for the most recent quarter, and in any of our subsequent filings with the Securities and Exchange Commission.
If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the COVID-19 pandemic, including the emergence of variant strains of the virus, the pace at which the COVID-19 vaccine can be distributed and administered to residents of the markets the Company serves and the United States generally, and the impact of varying governmental responses that affect our customers and the economies where they operate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
CONTACT: Contact: Joel Edwards Chief Financial Officer 425.357.3687 [email protected]