Coastal Financial in Everett, Wash., is gaining momentum with its Banking-as-a-Service platform.The $2.8 billion-asset company said total loans in its BaaS division increased by 49% in the first quarter from a quarter earlier, to roughly $515 million. Deposits rose by 26% to $900 million. Coastal gained seven new relationships over the 12-month period that ended on March 31. The business “continues to grow, providing additional fee and interest income,” Eric Sprink, Coastal’s

B.S.D. Capital in Los Angeles has received a license to participate in the Small Business Administration’s 7(a) program. The company, which operates as Lendistry, said in a press release that it can now originate 7(a) loans of up to $5 million. Only 14 nondepository lenders have a small business lending company (SBLC) license, and Lendistry said it is the only black-led lender in the group. “There are millions of new small businesses

Finward Bancorp in Munster, Ind., is evaluating the size of its branch network.The $2 billion-asset company said in a press release Wednesday that it plans to close two locations and is looking at four others for potential closure. If those branches are closed, it would reduce the size of Finward’s network by 20%, to 24 locations. “The redeployment of occupancy expenses into building a digital-forward foundation to meet customer expectations will

New York Community Bancorp in Hicksville and Flagstar, Mich., have extended their merger agreement to Oct. 31. The $47 billion-asset New York Community and the $23 billion-asset Flagstar have been waiting on regulatory approval for their $2.6 billion merger. The deal was announced in April 2021 and had an original deadline of April 24, 2022.The companies also amended their agreement to pursue a national bank charter and supervision by the Office of

First Bancshares in Hattiesburg, Miss., has agreed to buy Beach Bancorp in Fort Walton Beach, Fla. The $6.1 billion-asset First said in a press release Tuesday that it will pay $117 million in stock for the $620 million-asset Beach. The deal, which is expected to close by the end of this year, priced Beach at 143% of its tangible book value. Beach has seven branches, $492 million of deposits and $456 million

National Capital Bank of Washington in Washington, D.C., has a new president. The $735 million-asset unit of National Capital Bancorp said in a press release that Jimmy Olevson would serve as "second in command" to CEO Randy Anderson. Olevson previously served as chief lending officer at MainStreet Bank. “We are thrilled to have Jimmy join NCB’s executive management team," Anderson said in the release."His business banking experience, strong leadership skills, client-centric approach and

Western Alliance Bancorp. in Phoenix has formed an entertainment and media group. The $50 billion-asset company said on its websitethat the group offers "a wide range of banking resources to TV, film and music producers across North America with the ability to lend in multiple currencies."Melanie Krinsky and Charlene Paling, who joined the company last fall, have already originated more than $300 million of loans, with another $100 million in

Orrstown Financial in Shippensburg, Pa., plans to introduce a new treasury management application later this year. The effort is one of several technology enhancements the $2.9 billion-asset company highlighted in its slidedeck for its 2022 annual meeting. Orrstown, which hired a chief digital officer in 2021, said it also plans to focus on robotic process automation to gain efficiencies. The company will also refine Abrigo, a commercial loan origination system that it