Business Context and Reporting Period
Company: Coastal Financial Corporation (CCB)
Filing Type: Form 8-K (Current Report)
Date of Report: April 29, 2026
Principal Executive Offices: Everett, Washington
Coastal Financial Corporation, through its wholly owned subsidiary Coastal Community Bank, announced the entry into a non-binding term sheet with Evolve Bank & Trust regarding potential acquisitions.
Key Financial Metrics
This filing is a current report regarding a strategic development and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
The material change disclosed is the initiation of discussions to acquire assets and deposits from specific "banking-as-a-service" programs currently operated by Evolve Bank & Trust. No financial performance changes versus prior periods are reported in this document.
Guidance, Outlook, and Risks
- Outlook: The Bank intends to promptly initiate due diligence on selected Evolve Programs. Both parties aim to negotiate and execute definitive agreements expeditiously for programs elected for acquisition.
- Conditions: Any acquisition is subject to the execution of definitive agreements, receipt of required regulatory approvals, and other customary closing conditions.
- Legal Status: The term sheet is non-binding. The information provided is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings unless expressly stated.
Investor Verification Checklist
- Confirm whether definitive agreements are executed following the due diligence phase.
- Monitor for regulatory approval status regarding the potential acquisition of Evolve Programs.
- Verify the specific scope and financial impact of the "Evolve Programs" once selected and disclosed in future filings.
- Review subsequent 10-Q or 10-K filings for any financial impact resulting from this transaction.