Welcome to our dedicated page for Coastal Financial news (Ticker: CCB), a resource for investors and traders seeking the latest updates and insights on Coastal Financial stock.
Coastal Financial Corporation reports developments for Coastal Community Bank, including community banking activity, deposit and loan trends, and the CCBX banking-as-a-service segment. Recurring updates cover quarterly operating results, program fee income, partner onboarding, product expansion with broker-dealers and digital financial service partners, and technology investments supporting embedded finance offerings.
Company news also includes completed brand and corporate actions, such as Coastal's acquisition of the GreenFi brand of climate-friendly consumer financial services products. Leadership appointments and risk-management, credit, product, commercial, and information-security roles are recurring governance and operating themes tied to the bank holding company's community banking and digital banking strategy.
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Coastal Financial Corporation (Nasdaq: CCB) announced the retirement of Chief Operating Officer John Dickson, effective April 3, 2023, with plans for a part-time advisory role to ensure a smooth transition. Dickson has been instrumental in developing the Bank's Banking as a Service (BaaS) unit, CCBX, since its inception. The company had previously appointed President Curt Queyrouze in 2022 as part of succession planning. As of December 31, 2022, Coastal Financial reported total assets of $3.14 billion, gross loans of $2.63 billion, and total deposits of $2.82 billion.
Coastal Financial Corporation (Nasdaq: CCB) reported a robust fourth quarter for 2022, achieving a net income of $13.1 million or $0.96 per diluted common share, compared to $11.1 million in Q3 2022. Total assets rose by 0.3% to $3.14 billion. Loan growth was significant with an increase of $119.4 million (4.8%) for total loans at $2.63 billion, reflecting strong performance in the CCBX segment. Deposits saw a slight decline, down 0.7% to $2.82 billion, influenced by competitive deposit rates. Overall, 2022 saw total revenue surge 147.3% year-over-year, demonstrating the company's strong operational growth.
Coastal Financial Corporation (Nasdaq: CCB) announced the appointment of Barb MacLean as Senior Vice President and Head of Technology Operations and Implementation. With over 21 years of experience in fintech, MacLean brings expertise in building banking platforms, data integration, and maximizing efficiencies. CEO Eric Sprink emphasized her capability to navigate the evolving fintech landscape, while President Curt Queyrouze highlighted her skills in executing innovative ideas. Coastal Financial, based in Everett, WA, operates a full-service commercial bank and offers Banking as a Service (BaaS) through its CCBX division, boasting total assets of $3.13 billion as of September 30, 2022.
Coastal Financial Corporation (NASDAQ: CCB) announced the successful completion of a $20 million private placement of fixed-to-floating rate subordinated notes, due November 1, 2032. The notes will initially bear a fixed interest rate of 7.00% for five years, with a subsequent adjustment based on the three-month Secured Overnight Financing Rate (SOFR) plus 290 basis points. Proceeds will be used for general corporate purposes. The notes can be redeemed starting November 1, 2027. The offering was facilitated by Keefe, Bruyette & Woods, with legal advice from Covington & Burling LLP.