Business Context and Reporting Period
Company: Coastal Financial Corporation (CCB)
Filing Type: Form 8-K (Current Report)
Date of Report: July 22, 2026
Reporting Period: Immediate event reporting regarding executive leadership changes effective August 15, 2026.
Key Financial Metrics
This filing is a current report regarding personnel changes and does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The filing text does not provide a clear value for these items.
Material Changes
- Departure of CFO: Brandon Soto, Executive Vice President and Chief Financial Officer, will step down effective August 15, 2026, to become CEO of a banking subsidiary in the financial technology sector. The departure is not related to any disagreements with the Company.
- Appointment of Interim CFO: Joel Edwards has been appointed Interim Chief Financial Officer, effective August 15, 2026. Mr. Edwards previously served as CFO from 2012 until his retirement in 2025 and currently serves as an advisor.
- Compensation Arrangements:
- Mr. Soto: Separation agreement includes a waiver of advance notice requirements and repayment of a $15,000 signing bonus in exchange for restrictive covenants.
- Mr. Edwards: Offer letter provides a monthly base salary of $100,000 and participation in standard executive employee benefits.
Guidance, Outlook, and Risks
Outlook: The Company will commence a search for a permanent Chief Financial Officer, considering both internal and external candidates.
Risks/Contingencies: The filing notes no familial relationships between Mr. Edwards and directors/officers and no material interests in transactions requiring disclosure under Item 404(a) of Regulation S-K. No specific financial risks or contingencies are detailed in this report.
Investor Verification Checklist
- Verify the terms of the Separation Agreement (Exhibit 10.1) regarding the $15,000 signing bonus repayment and restrictive covenants for Mr. Soto.
- Review the Employment Agreement (Exhibit 10.2) for Mr. Edwards to confirm the duration of the interim role and any additional compensation clauses.
- Monitor future filings for the announcement of a permanent Chief Financial Officer.
- Confirm the transition timeline for the CFO role effective August 15, 2026.