Coastal Names Bank Secrecy Act (BSA) Officer

EVERETT, Wash., May 23, 2022 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), the holding company for Coastal Community Bank (the “Bank”), announced the hiring of Jeff Ketelhut, CAMS, as Executive Vice President and Bank Secrecy Act (BSA) Officer. In this role, Ketelhut is responsible for developing, implementing, and enforcing Coastal’s BSA compliance program and coordinating with state and federal regulators on these matters.

“Jeff’s unique experience in traditional banking, Banking as a Service, and as a regulatory examiner gives him a strong knowledge of banking laws, regulations, and operations. His expertise includes BSA, anti-money laundering measures, and overall compliance, “ said Andrew Stines, Chief Risk Officer for Coastal. “He joins an already strong team and will add another level of oversight and guidance.”

Before joining Coastal, Ketelhut was Vice President of Compliance for MetaBank, and was a National Bank Examiner for the Office of the Comptroller of the Currency (OCC). He is a Certified Anti-Money Laundering Specialist (CAMS) and earned a bachelor’s degree in Economics from the University of South Dakota.

“I am excited to join Coastal as they continue to enhance an already robust compliance oversight program for both the community bank and CCBX,” said Ketelhut. “Coastal strives to have a strong partnership with compliance in all areas of the bank, and I am excited to be part of the continued development of this collaboration.”

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 www.coastalbank.com. Member FDIC.

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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.

Contact: 
Joel Edwards
Chief Financial Officer
425.357.3687
JEdwards@coastalbank.com