Coastal Financial Corp.
09/28/2026 | Press release | Distributed by Public on 09/28/2026 09:31
Material Event (Form 8-K)
Item 8.01 Other Events
Bluevine Relationship
On September 28, 2026, Bluevine, Inc. ("Bluevine"), a financial technology partner of Coastal Community Bank (the "Bank"), announced that it entered into a definitive agreement to be acquired by Valley National Bancorp, the parent company of Valley Bank (the "Transaction"). The Transaction remains subject to regulatory approvals and other customary closing conditions. Bluevine and the Bank have maintained a productive relationship for many years.
As of June 30, 2026, CCBX had 22 active partner relationships across a diversified range of products and services. Given the scale of the CCBX platform and the Bank's established sweep capability, the Company does not currently expect the Transaction, or any resulting changes to the Bluevine deposit relationship, to have a material adverse effect on the Company's liquidity or funding profile. The Company will provide additional information in connection with its third quarter earnings.
As of September 25, 2026, approximately $447 million of Bluevine-related deposits were held on the Bank's balance sheet, an amount that fluctuates in the ordinary course based on customer activity, balance sheet management and utilization of the Bank's deposit sweep arrangements. This relationship represents one part of a broader and diversified CCBX deposit platform.
The Bank's funding alternatives, including the ability to bring sweep deposits back onto its balance sheet, provide flexibility to replace Bluevine-related deposits.
Coastal Financial Corp. published this content on September 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 28, 2026 at 15:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]