Coastal Banking Company Inc. Announces Resignation of Chief Financial Officer Paul Garrigues

BEAUFORT, SC / ACCESSWIRE / July 26, 2016 / Coastal Banking Company Inc. (OTCQX: CBCO), the holding company of CBC National Bank, which operates branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., announced that Paul R. Garrigues has resigned as chief financial officer, effective August 5, to pursue other opportunities.

Garrigues joined Coastal Banking Company Inc. as Chief Financial Officer in September 2007 as a 30-year financial, accounting and banking professional. Over his long career, Garrigues has served as chief financial officer for eight financial institutions across the country. Immediately prior to joining Coastal, Garrigues served as senior vice president of secondary marketing at Seacoast National Bank in Stuart, Fla., which acquired Big Lake National Bank in 2006, where he served as CFO.

Garrigues earned a bachelor’s degree in accounting from the University of Southern California. He is a certified public accountant and is a member of the American Institute of Certified Public Accountants.

“Paul Garrigues served Coastal with distinction for nine years as chief financial officer, helping the company navigate a period of both stellar growth and positive financial results, and also through the very difficult period of the Great Recession,” said Michael G. Sanchez, chief executive officer. “His decades of experience and financial acumen were a valuable resource to the company throughout his tenure. We wish him nothing but the best in his future endeavors.”

About Coastal Banking Company Inc.

Coastal Banking Company Inc., headquartered in Beaufort, S.C., is the $474.8 million-asset bank holding company of CBC National Bank, headquartered in Fernandina Beach, Fla., which provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala and The Villages, Fla, Beaufort and Port Royal, S.C. The company’s residential mortgage banking division, headquartered in Atlanta, includes traditional retail and wholesale lending, as well as a National Retail Group that has lending offices in Arizona, Florida, Georgia, Maryland, Michigan, North Carolina, Indiana, Illinois and Ohio. The company’s government guaranteed lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. The company’s common stock is publicly traded on the OTCQX Markets under the symbol CBCO. The company was been named to the OTCQX® Best 50 in both 2015 and 2016, an annual ranking of the top 50 US and international companies traded on the OTCQX Best Market, based on the combined one-year total return on market value and average growth in daily dollar trading volume. For more information, please visit the company’s website, www.coastalbanking.com.

About CBC National Bank

CBC National Bank, headquartered in Fernandina Beach, Fla., provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C. The company’s residential mortgage banking division, headquartered in Atlanta, includes traditional retail and wholesale lending, as well as a National Retail Group that has lending offices in Arizona, Florida, Georgia, Maryland, Michigan, Indiana, Illinois and Ohio. The company’s government guaranteed lending division originates SBA loans primarily in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. For more information, please visit CBC National Bank’s website, www.cbcnationalbank.com.

For More Information:

Michael G. Sanchez
Chairman & Chief Executive Officer
Coastal Banking Company Inc.
904-321-0400

SOURCE: Coastal Banking Company Inc.

ReleaseID: 442401