Coastal Financial Corporation Acquires GreenFi Brand, Expanding Strategic Flexibility

Core Viewpoint - Coastal Financial Corporation has acquired the GreenFi brand from Mission Financial Partners, enhancing its portfolio of climate-friendly consumer financial services products [1][4]. Group 1: Acquisition Details - The acquisition allows Coastal to have full control over the GreenFi brand, which is aligned with increasing consumer demand for sustainable financial products [5]. - Mission Financial Partners will continue to operate and market the GreenFi program, ensuring operational continuity while Coastal takes on governance and long-term brand stewardship [2][3]. - The terms of the transaction were not disclosed, but it is designed to maintain customer experience and service continuity [7]. Group 2: Strategic Implications - This acquisition reflects Coastal's strategy to support innovative digital banking products through a regulated banking platform, allowing for future growth and integration of the GreenFi brand [4]. - Coastal aims to reinforce its position as a trusted banking partner for fintech companies, focusing on responsible growth and long-term customer relationships [5]. - The partnership with Mission Financial Partners will continue to provide customers access to sustainable investment options through the Redwood Fund family of mutual fund products [2]. Group 3: Customer Impact - Customers will not experience any changes to their accounts, services, or access due to the acquisition, ensuring a seamless transition [6]. - Account terms, digital experiences, and customer support channels will remain unchanged, with no action required from customers at this time [6]. Group 4: Company Background - Coastal Financial Corporation, based in Everett, Washington, operates Coastal Community Bank, which has assets of $4.55 billion and provides services through 14 branches and digital platforms [8]. - GreenFi has been providing climate-aligned consumer banking products for over a decade, focusing on transparency and sustainability in financial decisions [9][10].