Coastal Financial Explores Acquiring Evolve Bank's BaaS Program Assets

Coastal Financial Corporation entered into a non-binding term sheet with Evolve Bank & Trust to explore acquiring BaaS program assets and associated deposits, announced around Apr 29, 2026. Evolve has been one of the most active sponsor banks in the BaaS ecosystem, partnering with numerous fintechs. Coastal Financial operates its own CCBX BaaS division and would expand its footprint considerably through such a transaction.

The term sheet is non-binding, leaving the deal subject to further due diligence, regulatory approval, and negotiation of a definitive agreement. Financial terms were not disclosed. If completed, the acquisition would represent notable consolidation in the sponsor bank sector at a time of heightened regulatory scrutiny.