Coastal Names New President

May 18, 2022

EVERETT, Wash., May 18, 2022 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), the holding company for Coastal Community Bank (the “Bank”), announced the hiring of Curt Queyrouze as President. Eric Sprink will continue as CEO as the Bank expands the Executive team of the almost $3 billion Bank.

“As Coastal becomes a more complex and rapidly growing bank, with both our community bank and our Banking as a Service (BaaS) division, CCBX, we are aware of the importance of adding key skills and leadership at every level to enhance the programs we already have in place,” said Sprink. “Adding Curt to our leadership team will ensure we have continued focus and resources as we build a strong infrastructure to serve our increasingly diverse local and fintech customers better,” he said.

Queyrouze has a background with expertise in credit, risk management, and financial technology. He was most recently President and CEO of TAB Bank, UT, and brings an extensive background in managing a community bank and fintech partnerships through BaaS. During his tenure at TAB Bank, the $1.2 billion bank leveraged investments in a data platform, API stack, and agile development to transform the wholly digital Bank into a market leader.

“I am excited to join the Coastal team at an already successful tech-forward organization that provides innovative banking products and services, through both the community bank and CCBX partners, to a broad spectrum of consumers and small businesses,” Queyrouze said. He is especially proud of bringing the best of community banking to the digital sphere. “Banking has the ability to make a positive impact on our customers’ lives, including the under-served or under-banked populations, and Coastal is uniquely positioned to use a combination of data and analytics while partnering directly with clients to focus on their well-being,” Queyrouze added.

In addition to TAB Bank, Queyrouze’s career includes a variety of leadership roles at banks ranging from top-ten and regionals to community institutions, and as Chief Operating Officer of a fintech company. He holds a degree in Accounting from Louisiana State University and is active in his community and banking industry organizations.

Coastal worked with The Travillian Group, LLC, a national executive recruiting firm serving the financial services industry, to help attract and fill the President role through a nationwide search.

About Coastal Financial Corporation

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 Member FDIC.

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.

Joel Edwards
Chief Financial Officer

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Source: Coastal Financial Corporation