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 (CCB) delivers community-focused banking services and innovative Banking-as-a-Service (BaaS) solutions across Washington's Puget Sound region. This news hub provides investors and stakeholders with timely updates on the company's financial developments and strategic initiatives.
Access official press releases covering quarterly earnings, regulatory filings, leadership updates, and partnership announcements. Our curated collection simplifies tracking CCB's progress in traditional banking and fintech-enabled services through its Community Bank and CCBX divisions.
Discover updates on consumer lending programs, small business financing solutions, and BaaS collaborations with digital financial platforms. All content is sourced from verified corporate communications to ensure reliability for investment research and market analysis.
Bookmark this page for streamlined access to Coastal Financial's latest milestones, including product launches, regulatory compliance achievements, and community impact initiatives. Check back regularly for comprehensive coverage of CCB's role in reshaping regional banking through technology and local expertise.
Coastal Financial Corporation (NASDAQ: CCB) has been awarded the Raymond James Community Bankers Cup for 2020, recognizing its performance among community banks. This prestigious award is given to the top 10% of community banks based on metrics like profitability, operational efficiency, and balance sheet stability.
In 2020, Coastal supported small business customers with PPP loans and expanded its CCBX division by providing Banking as a Service (BaaS) solutions. The award reflects its resilience and effective management during challenging times.
Coastal Community Bank plans to sell its Freeland branch to SaviBank, with the deal expected to close in early Q2 2021. The transaction involves Coastal’s 2900-square-foot office and approximately $24 million in deposits. SaviBank will relocate its existing Freeland branch to the Main Street site, enhancing customer access with nine branches in nearby counties. CEO Eric Sprink emphasized the seller's obligation to evaluate the long-term impacts for shareholders and customers while ensuring continuity of service through SaviBank's commitment to uphold Coastal's customer service standards.
Coastal Financial Corporation (Nasdaq: CCB) reported a net income of $15.1 million for 2020, equating to $1.24 per diluted share, a 14% increase from the previous year. Total assets rose 56.5% to $1.77 billion, while deposits grew 46.8% to $1.42 billion. Loan receivables, boosted by $365.8 million in PPP loans, increased 64.7% to $1.55 billion. The company's strategy focuses on expanding core banking, CCBX, and digital services. The fourth quarter net income was $4.7 million with a 12.2% rise in net interest income, indicating resilience amid economic uncertainties.
Coastal Financial Corporation (Nasdaq: CCB) announced Rilla Delorier's appointment to its Board of Directors. Delorier brings over 30 years of executive experience, having previously managed a $2.7 billion retail banking business and held key roles at Umpqua Bank and SunTrust Bank. Her expertise in product development, operational automation, cybersecurity, and analytics is expected to guide Coastal as it adapts to a complex banking environment. Coastal Financial operates a $1.7 billion community bank through 15 branches and plans to launch a digital bank offering in collaboration with Google in 2021.
Coastal Financial Corporation (Nasdaq: CCB) reported Q3 2020 net income of $4.1 million ($0.34 per diluted share), a 16.5% increase from Q3 2019. Total assets rose 4.2% to $1.75 billion, with loans receivable growing 4.3% to $1.51 billion. A $2.2 million provision for loan losses was made due to COVID-19 uncertainties. Total deposits increased by 4.1% to $1.36 billion. The company’s involvement in the PPP resulted in $452.8 million in loans. Additionally, noninterest income rose, driven by increased deposit service charges and BaaS fees.
Coastal Community Bank has announced a partnership with Google to launch digital bank accounts through Google Pay in 2021. This initiative aims to enhance customer experience by utilizing Coastal Community Bank's banking infrastructure and regulatory expertise alongside Google's advanced user experience and financial insights. The collaboration is designed to provide customers with powerful financial tools, making it easier for them to manage their finances efficiently. Google emphasized its commitment to creating a digital banking experience that meets the needs of a new generation of customers.
Coastal Financial Corporation (Nasdaq: CCB) reported a net income of $3.7 million, or $0.30 per diluted share, for Q2 2020, marking a 12.2% increase from the previous year. The company experienced significant asset growth of 41.8%, reaching $1.68 billion. Total loans receivable grew by 44.0% to $1.45 billion, driven by $427.4 million in Paycheck Protection Program (PPP) loans. However, a provision for loan losses increased to $1.9 million due to COVID-19 uncertainties. Total deposits rose by 30.0% to $1.31 billion, reflecting strong customer support amid the pandemic.
Coastal Financial Corporation (NASDAQ: CCB) has been awarded the Raymond James Community Bankers Cup for 2019, recognizing it among the top 10% of community banks in the U.S. This accolade reflects exceptional performance in various financial metrics, including nonperforming assets, core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity. President & CEO Eric Sprink emphasized the honor as a testament to the dedication of the company's board and staff since going public in 2017.
