Business
Coastal Community Bank Joins Newly Launched Banking as a Service (BaaS) Association
EVERETT, Wash., June 09, 2022 (GLOBE NEWSWIRE) -- Coastal Community Bank announced that they are pleased to have joined the newly launched Bankers Helping
About this update from Coastal Financial Corporation
[{"type":"text","content":"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 BankCoastal 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. ...