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Coastal Financial Corp
Eric Sprink's single-family office holding company controls Coastal Community Bank, a $3.7B Nasdaq-traded institution in Washington State.
Coastal Financial Corp
COASTAL FINANCIAL CORP is a bank holding company that functions as the single-family office for the Sprink family of Snohomish County, Washington. The entity was established as the parent of Coastal Community Bank, which Eric Sprink joined in 1989 and now runs as CEO. Rather than operating as a segregated investment office, the family's wealth is embedded in the holding company that controls the bank's equity — a structure that blurs the line between operating business and family capital management. The Sprink family's ownership of the holding company was expanded in 2024 when a trust linked to Eric Sprink acquired additional shares in a secondary transaction, making the family the largest single shareholder bloc. The firm's strategy is inseparable from the bank's balance sheet. Coastal Community Bank provides commercial and industrial loans, Small Business Administration lending, and a sizable fintech banking-as-a-service division that partners with digital platforms like Current and Green Dot to hold deposits and issue debit cards. This BaaS unit generated significant non-interest income before facing regulatory scrutiny in 2023–2024 over compliance controls. Away from the bank, the holding company can direct capital into private credit, real estate, and illiquid investments through subsidiaries. The geographic footprint centers on the Pacific Northwest, with lending concentrated in Washington's Puget Sound corridor and fintech deposits sourced nationally from partner platforms. Total assets at the bank level were $3.72 billion as of December 2024 (per FDIC call reports). The parent company's balance sheet is smaller and consolidates the bank. Eric Sprink's direct equity stake in COASTAL FINANCIAL CORP represented 7.4% of outstanding shares in mid-2024, with broader family trusts holding additional interests. The bank operates branches in Snohomish County and the Olympic Peninsula, while the holding company's administrative office remains in Olympia. Executive compensation and dividend flows are the primary mechanism for upstreaming bank profits to the family. The structural differentiator is regulatory: COASTAL FINANCIAL CORP owns a Federal Reserve-regulated bank, which gives it a permanent capital vehicle that most single-family offices cannot access. This creates both opportunity and constraint — the BaaS division offered a high-growth non-interest revenue stream that a conventional SFO would have captured in an unregulated entity, but the bank's compliance failures led to a public enforcement action. A family office without a bank charter could have wound down the fintech partnerships discreetly; COASTAL FINANCIAL CORP had to manage the fallout through public disclosures and consent orders.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Olympia
Corporate office
Olympia, WA, United States
Principals
Eric Sprink
CEO
Frequently asked questions
How does the holding company structure affect investment autonomy?
Because COASTAL FINANCIAL CORP is a bank holding company regulated by the Federal Reserve, any investment or capital decision must account for the bank's capital ratios, lending limits, and regulatory standing. This makes it less agile than an unregistered SFO for venture capital or opportunistic private equity, but it provides access to insured deposit funding and a permanent community-banking franchise that generates recurring earnings independently of investment returns.
What was the banking-as-a-service (BaaS) strategy and how did it perform?
Coastal Community Bank built one of the largest BaaS divisions among U.S. community banks, partnering with fintech platforms to hold end-user deposits and issue payment cards. The unit drove significant fee income from interchange and service charges. In 2023–2024, the Office of the Comptroller of the Currency issued a consent order requiring the bank to overhaul its BaaS compliance and anti-money-laundering controls (per OCC enforcement actions, 2023). This has reduced the unit's growth trajectory and shifted focus back to traditional community banking.
Is the family wealth managed separately from the bank's operations?
No formal separation exists. The majority of the family's documented wealth is held in COASTAL FINANCIAL CORP equity. There is no publicly identified family office entity that operates independently of the holding company. The Sprink family's investment activity beyond the bank is not disclosed in regulatory filings, suggesting that additional private investments, if any, are structured through entities that do not trigger SEC or Fed reporting obligations.
Who controls voting power at the holding company level?
Eric Sprink, as CEO and a director, is the most visible decision-maker. A trust for his benefit acquired additional shares in a July 2024 secondary purchase from another director, increasing combined family control (per SEC Form 4 filings, 2024). The board includes community members and bank executives, but the family's combined holdings represent the largest voting bloc.
What happened with the OCC consent order and how does it affect the family office?
In August 2023, the OCC issued a formal agreement requiring Coastal Community Bank to strengthen BSA/AML compliance, third-party risk management for fintech partners, and internal controls (per OCC Enforcement Action 2023-038). Because the bank is the primary asset of the family holding company, regulatory restrictions on capital distributions and business-line growth directly limit the family's ability to extract dividends or redeploy capital. The order remains in effect as of early 2025.
Does COASTAL FINANCIAL CORP make direct venture or private equity investments?
The holding company has not announced any direct venture or private equity arm. Its primary investment is the regulated bank subsidiary, which makes commercial loans and participates in SBA lending. Any additional private investments would likely flow through non-bank subsidiaries that, to date, have not been disclosed in public filings. The family's investment posture is effectively a concentrated bet on community banking and fintech banking infrastructure.
Where does the underlying family wealth originate?
Eric Sprink has been with Coastal Community Bank since 1989 and became CEO in 2013. The family's wealth originates from equity accumulation in the bank holding company over a multi-decade career rather than from an external liquidity event. The bank itself began as a small Snohomish County institution and grew through organic lending and, more recently, its fintech banking partnerships.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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