Business Context and Reporting Period
This Form 8-K Current Report was filed by Coastal Financial Corporation on March 11, 2026. The filing reports a corporate governance event: the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Board Appointment: Jeffrey M. Chapman was appointed to the Board of Directors, effective March 11, 2026.
- Board Composition: The Board now consists of twelve directors.
- Committee Assignments: Mr. Chapman is expected to serve on the Technology Committee and the CCBX Oversight Committee.
Guidance, Outlook, and Management Commentary
Management Commentary: The Company highlighted Mr. Chapman's background as a seasoned financial technology executive with over 25 years of experience in banking technology, digital transformation, payments, and data-driven platform development.
Compensation: Mr. Chapman will receive cash and restricted stock compensation in accordance with the Company's non-employee director compensation program detailed in the 2025 Proxy Statement and the December 31, 2025 Form 10-K.
Risks and Contingencies: The filing states there are no arrangements or understandings regarding Mr. Chapman's selection and no material interest transactions subject to disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the specific terms of the non-employee director compensation program in the 2025 Proxy Statement and December 31, 2025 Form 10-K.
- Review the Company's recent strategic initiatives in digital transformation and payments to assess the strategic fit of the new director's expertise.
- Confirm the current total number of board seats and the composition of the Technology and CCBX Oversight Committees.