Business Context and Reporting Period
Company: Coastal Financial Corporation (CCB)
Filing Type: Form 8-K (Current Report)
Date of Report: September 29, 2025
Reporting Period: Event date September 29, 2025; resignation effective October 1, 2025.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on a personnel change.
Material Changes
Executive Departure: Andrew Stines resigned as Executive Vice President and Chief Risk Officer, effective October 1, 2025, to pursue other professional opportunities. The resignation is not the result of any disagreement with the Company or its Board of Directors.
Compensatory Arrangements and Unusual Items
- Lump Sum Payment: $70,000 to be paid in connection with the resignation.
- Equity Acceleration: Unvested shares totaling 1,500 Restricted Stock Awards and 5,647 Restricted Stock Units will be accelerated and deemed vested.
Investor Verification Checklist
- Confirm the appointment of a successor Chief Risk Officer to ensure continuity in risk management.
- Review the impact of the equity acceleration (7,147 total shares) on future dilution and share count.
- Verify the timing of the $70,000 cash payout in upcoming quarterly cash flow statements.