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How concentration risk hit one banking-as-a-service provider
['John Reosti Is A Reporter Covering Community Banks In Particular', 'The Financial Services Industry In General. He Also Focuses On The Small...', 'Staff Writer']
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Key takeaway: Coastal Financial isn't letting a $68.8 million credit expense created by problems at one of its fintech partners shake its commitment to its 9-year-old banking-as-a-service strategy.
Coastal Financial isn't letting a $68.8 million credit expense created by problems at one of its fintech partners shake its commitment to its 9-year-old banking-as-a-service strategy.
Coastal Financial is dealing with a different kind of problem in connection with its banking-as-a-service strategy: concentration risk.
Processing ContentOn Thursday, the holding company for Everett, Washington-based Coastal Community Bank reported a $68.8 million credit expense tied to one of its 25 partner relationships.
Coastal Financial CEO Eric Sprink.