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EVERETT, Wash. - Coastal Financial Corporation (NASDAQ:CCB), whose stock has delivered an impressive 117% return over the past year and is currently trading near its 52-week high of $106.38, announced Wednesday the appointment of four new executives to its leadership team to support growth in its digital banking and community banking divisions.
The company has named Ryan Hall as Chief Product Officer, Michael Costigan as Chief Commercial Officer, Freddy Rivas as Chief Credit Officer, and Chris Morgan as Chief Information Security Officer.
Hall joins from SoFi Bank where he led product, engineering, and design teams. Costigan previously served as Vice President of Business Development at OnePay, a Walmart and Ribbit Capital joint venture. Rivas brings over 20 years of experience, most recently as Chief Risk Officer at Santander for consumer and business banking. Morgan previously worked as Chief Information Security Officer at Even Responsible Finance and OnePay.
"As Coastal continues to grow and scale both our CCBX and community bank businesses, it is critical that we attract exceptional leaders who bring proven capabilities and fresh perspectives," said Eric Sprink, CEO of Coastal Financial Corporation. According to InvestingPro data, the company maintains a "GREAT" financial health score and has achieved nearly 29% revenue growth in the last twelve months.
Brian Hamilton, President of CCBX, the company’s Banking as a Service division, stated that the new executives "bring a distinct set of skills that will help us expand our product offerings, deepen relationships, manage risk, and safeguard the infrastructure across the bank and our embedded finance offerings."
Coastal Financial Corporation operates through its subsidiary Coastal Community Bank, which has $4.48 billion in assets and 14 branches across Snohomish, Island, and King Counties in Washington state.
The announcement was made in a press release issued by the company.
In other recent news, Coastal Financial Corporation reported its second-quarter earnings, which did not meet analyst expectations. The company announced a net income of $11.0 million, or $0.71 per diluted share, for the quarter ending June 30, 2025. This figure fell short of the analyst estimate, which projected earnings of $0.84 per share. Additionally, Coastal Financial’s revenue was reported at $119 million, significantly below the consensus estimate of $151.37 million. Compared to the previous year, earnings per share decreased from $0.84 in the second quarter of 2024. These developments have drawn attention from investors and analysts alike.
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