Coastal Community Bank Announces $375,000 in Multiyear Community Development Grants
Coastal Financial (CCB)'s subsidiary Coastal Community Bank has awarded $375,000 in multiyear grants to three nonprofits serving Snohomish and King counties.
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Rhea-AI Summary
Coastal Financial (CCB)'s subsidiary Coastal Community Bank has awarded $375,000 in multiyear grants to three nonprofits serving Snohomish and King counties.
LISC Puget Sound received $150,000 over three years for community development in Everett and Snohomish County, including projects expanding housing and economic opportunity. VOA of Western Washington received $150,000 over three years toward construction of the Lynnwood Neighborhood Center, which is expected to serve more than 20,000 people annually. Housing Consortium of Everett and Snohomish County received $75,000 over three years for staff positions supporting the creation and preservation of affordable housing.
Positive
- None.
Negative
- Minor point$375,000 in awarded grants represents a three-year funding commitment to three nonprofit organizations.
Key Figures
- Total grants
- $375,000
- Three multiyear community development grants
- LISC grant
- $150,000
- Over three years
- VOA grant
- $150,000
- Over three years; supports Lynnwood Neighborhood Center construction costs
- HCESC grant
- $75,000
- Over three years; funds capacity-building staff positions
- Expected annual service
- More than 20,000 people annually
- Lynnwood Neighborhood Center
AI-generated analysis. How Rhea-AI works. Not financial advice.
EVERETT, Wash., Oct. 07, 2026 (GLOBE NEWSWIRE) -- Coastal Community Bank (the “Bank”, “Coastal”, or “we”) has awarded three multiyear community development grants totaling
Local Initiatives Support Corporation Puget Sound (“LISC”) received a
LISC provides community development services by coordinating cross-sector partnerships, convening public agencies and nonprofit organizations, and delivering technical assistance and capacity-building support to housing developers and community-based organizations serving low- and moderate-income communities. These activities facilitate the creation and preservation of affordable housing, strengthen local economic ecosystems, support small businesses and workforce development efforts, and address emerging community needs that impact low- to moderate-income residents.
VOA of Western Washington (“VOA”) received a
VOA provides essential human services and workforce development support to low-income households, including immigrant and refugee populations, through job training, resume assistance, and education support that improve employment readiness and access to economic opportunity. The organization also supports affordable housing by helping low-income families address housing-related needs such as rent, utilities, and supportive services that promote housing stability and reduce cost burden.
Housing Consortium of Everett and Snohomish County (“HCESC “) received a
HCESC serves as a countywide leader and convener addressing the region’s critical affordable housing shortage by coordinating housing developers, service providers, policymakers, and community members to advance equitable housing solutions.
“These organizations are doing essential work to expand housing and economic opportunity in our communities,” said Chris Adams, Executive Chair at Coastal Community Bank. “Multiyear funding gives them the flexibility to build partnerships, strengthen their teams, and carry projects forward. We’re proud to support work that will make a lasting difference for our neighbors in Snohomish and King counties.”
About Coastal Financial
Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The
Contact
Chris D. Adams, Executive Chair of Coastal Financial Corporation, cadams@coastalbank.com
Eric Sprink, Chief Executive Officer, esprink@coastalbank.com
Joel G. Edwards, Chief Financial Officer, jedwards@coastalbank.com
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. These statements are often, but not always, made through the use of 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. Any or all of the forward-looking statements in this press release may turn out to be inaccurate. 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 largely 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. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to effectively evaluate and manage counterparty risk associated with CCBX partners and the risk that the conflicts in the Middle East and/or changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed 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. 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.
FAQ
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How much did Coastal Community Bank award in community development grants?
Coastal Community Bank awarded $375,000 across three grants, each covering three years. LISC Puget Sound and VOA of Western Washington each received $150,000, while Housing Consortium of Everett and Snohomish County received $75,000.