Coastal Financial Corporation Announces Intended Stock Transactions by President and Chief Executive Officer

Coastal Financial Corporation Announces Intended Stock
Transactions by President and Chief Executive Officer 


MYRTLE BEACH, S.C., Feb. 16  /PRNewswire-FirstCall/ -- Coastal Financial
Corporation (NASDAQ:CFCP) today announced that Michael C. Gerald, President and
Chief Executive Officer, intends to sell in periodic open market transactions
and gift in other transactions up to 35,000 shares of Coastal Financial
Corporation common stock during calendar year 2005.  According to Mr. Gerald,
the purpose of the intended transactions, which equal approximately 23% of his
holdings of Coastal Financial Corporation common stock, is personal tax
planning, philanthropy, gifting and estate planning.

Coastal Financial Corporation, headquartered in Myrtle Beach, South Carolina,
offers a broad range of commercial, consumer and mortgage financial services
through two subsidiaries, Coastal Federal Bank and Coastal Retirement, Estate
and Tax Planners, Inc.  Coastal Federal Bank, with assets over $1.3 Billion, is
a federally chartered and FDIC insured community bank with nineteen offices
serving the communities of Horry and Georgetown Counties, South Carolina and
Brunswick and New Hanover Counties, North Carolina.  Coastal Retirement, Estate
and Tax Planners offers professional, objective, fee-based financial planning
services. Additional information about Coastal Federal is available on its web
site at http://www.coastalfederal.com/ .

Stock Trading Information

The common stock of Coastal Financial Corporation is traded on the Nasdaq Stock
Market under the symbol "CFCP."  For information, contact Raymond James
Financial Services at 1-843-918-7600, Herzog, Heine, Geduld, Inc. at
1-800-523-4936, Knight Securities at 212-336-8690, Spear, Leeds & Kellogg at
1-800-526-3160 or Trident Securities at 1-800-222-2618.

Dividend Reinvestment and Direct Stock Purchase Plan

Coastal Financial Corporation offers Shareholders a Dividend Reinvestment and
Direct Stock Purchase Plan which provides existing and new Shareholders a
convenient means for making purchases of Coastal Financial shares free of fees
and brokerage commissions.  Additional cash contributions, up to $1,000 per
quarter, can be made to purchase additional shares.  For more information,
contact the Transfer Agent at 1-800-866-1340, Ext. 2514, or Investor Relations.

Shareholder Services

Shareholders desiring to enroll in the Coastal Financial Corporation Dividend
Reinvestment Plan, change the name, address, or ownership of their stock
certificates, report lost or stolen certificates, or to consolidate accounts
should contact the Transfer Agent at 1-800-866-1340, Ext. 2514, or Investor
Relations.

Investor Relations

Analysts, investors and others seeking financial information should contact:

   Susan J. Cooke - Senior Vice President and Secretary
   Coastal Financial Corporation
   2619 Oak Street
   Myrtle Beach, South Carolina  29577
   [phone]

  Forward Looking Statements


This news release may contain certain "forward-looking statements" within the
meaning of Section 27A of the Securities Exchange Act of 1934, as amended, that
represent Coastal Financial Corporation's (the "Company") expectations or
beliefs concerning future events. Such forward-looking statements are about
matters that are inherently subject to risks and uncertainties. Factors that
could influence the matters discussed in certain forward-looking statements
include the timing and amount of revenues that may be recognized by the
Company, continuation of current revenue and expense trends (including trends
affecting charge-offs), absence of unforeseen changes in the Company's markets,
legal and regulatory changes, and general changes in the economy (particularly
in the markets served by the Company). Because of the risks and uncertainties
inherent in forward looking statements, readers are cautioned not to place
undue reliance on them, whether included in this news release or made elsewhere
from time to time by the Company or on its behalf.  Except as may be required
by applicable law or regulation, the Company disclaims any obligation to update
such forward-looking statements. 

DATASOURCE: Coastal Financial Corporation



CONTACT:  Susan J. Cooke - Senior Vice President and Secretary of Coastal

Financial Corporation, [phone]



Web site:  http://www.coastalfederal.com/ 

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