# EDGAR Filing Document

**Accession Number:** 0001437958
**File Stem:** 0001437958-25-000157
**Filing Date:** 2025-9
**Character Count:** 16585
**Document Hash:** d14e68ab9b3cc3ee139e369e23849457
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437958-25-000157.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001437958-25-000157

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250922

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COASTAL FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0001437958
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38589
- **FILM NUMBER:** 251330642

**BUSINESS ADDRESS:**
- **STREET 1:** 5415 EVERGREEN WAY
- **CITY:** EVERETT
- **STATE:** WA
- **ZIP:** 98203
- **BUSINESS PHONE:** 425-257-1652

**MAIL ADDRESS:**
- **STREET 1:** 5415 EVERGREEN WAY
- **CITY:** EVERETT
- **STATE:** WA
- **ZIP:** 98203

?xml version='1.0' encoding='ASCII'? ck1437958-20250922

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **<u>September 22, 2025</u>**

**<u>COASTAL FINANCIAL CORPORATION</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **<u>Washington</u>** | **<u>001-38589</u>** | **<u>56-2392007</u>** |
| (State or other jurisdiction <br>of incorporation) | (Commission File Number) | (IRS Employer <br>Identification No.) |

---

**<u>5415 Evergreen Way</u>, Everett, Washington 98203**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **<u>(425)</u>** 257-9000

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, no par value per share | CCB | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⃞

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⃞

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**Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

On September 22, 2025, Coastal Financial Corporation (the "Company") appointed Brandon Soto as Executive Vice President and Chief Financial Officer of the Company, effective October 1, 2025. Joel G. Edwards will continue as Executive Vice President and Chief Financial Officer until October 1, 2025.

Mr. Soto, 51, joins the Company after serving as Chief Financial Officer of Square Financial Services, Inc., a subsidiary of Block, Inc., where he led the bank's financial operations for seven years. In that role, Mr. Soto oversaw accounting, financial analysis, budgeting and forecasting, financial reporting to the Board of Directors, management, and regulators, as well as treasury functions including funding, asset and liability management, and interest rate risk management. He was also a key contributor in authoring the bank's application and securing approvals from the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. Previous to Square Financial Services, Mr. Soto served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank, a subsidiary of Green Dot Corporation, and as Controller of Sallie Mae Bank. Earlier in his career, he held finance and treasury positions with Chrysler Financial Bank (in application), Allegiance Direct Bank, Toyota Financial Savings Bank, JPMorgan Chase, Volvo Commercial Credit Corp, Franklin-Templeton Bank & Trust, First USA Paymentech, and Discover Financial Services.

On September 22, 2025, the Company entered into an employment agreement (the "Employment Agreement") and an offer letter agreement (the "Offer Letter"), and a restricted stock unit award agreement (the "RSU Award Agreement") with Mr. Soto, and the Company and Mr. Soto finalized a performance-based restricted stock unit award agreement (the "PSU Award Agreement") to be executed on or around October 1, 2025. The Employment Agreement governs the terms of Mr. Soto's employment and contains standard non-competition, non-solicitation, confidentiality and non-disparagement provisions. The initial term of the Employment Agreement is four years, with automatic annual renewal absent prior notice of non-renewal.

Pursuant to the terms of the Employment Agreement, the Offer Letter, the RSU Award Agreement and the PSU Award Agreement, Mr. Soto will be entitled to an annual base salary of $500,000, subject to annual review by the Compensation Committee of the Board of Directors of the Company. He will also receive a one-time signing bonus of $15,000, and an award of 18,000 restricted stock units and 15,000 performance-based restricted stock units. The restricted stock units vest over a four-year period, subject to Mr. Soto remaining continuously employed with the Company through each applicable vesting date. The performance-based restricted stock units are subject to a service-based vesting condition and a performance-based vesting condition that is based on the achievement of stock price targets that are measured over 60 continuous trading days with one third of the award becoming eligible to vest on achievement of stock price hurdles equal to 133%, 166% and 200% of the stock price at grant, with pro-rata vesting in between each hurdle. Mr. Soto will be eligible to participate in the Company's annual cash incentive plan in a manner similar to other senior Company executives with award opportunities based upon the achievement of performance goals. Mr. Soto will also be eligible to receive equity incentive awards under the Company's 2018 Omnibus Incentive Plan with award opportunities based upon continued service and the achievement of performance conditions.

There is no arrangement or understanding between Mr. Soto and any other person pursuant to which he was selected as Chief Financial Officer of the Company. In addition, there are no familial relationships between Mr. Soto and any director or executive officer of the Company, and Mr. Soto

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has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD**

On September 22, 2025, the Company issued a press release announcing the appointment of Mr. Soto as Chief Financial Officer, effective as of October 1, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information being furnished pursuant to this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that section. Further, the information being furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933 or the Exchange Act.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| <u>Number</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> |
| 99.1 | <u>[Press Release, dated September 22, 2025](soto-cfoxex991.htm)</u> |
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **COASTAL FINANCIAL CORPORATION** | **COASTAL FINANCIAL CORPORATION** |
| Date: September 22, 2025 | By: | /s/ Joel G. Edwards |
|  |  | **Joel G. Edwards** |
|  |  | **Executive Vice President and Chief Financial Officer** |

---

## Exhibit 99.1

**Exhibit 99.1**

![coastal-logoxcolorxonxdark.jpg](coastal-logoxcolorxonxdark.jpg)

**Coastal Names Seasoned Fintech Leader Brandon Soto as New Chief Financial Officer**

EVERETT, Wash., September 22, 2025 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (Nasdaq: CCB) (the "Company"), and its subsidiary, Coastal Community Bank (the "Bank"), today announced the appointment of Brandon Soto as Chief Financial Officer, effective October 1<sup>st</sup>, 2025. Mr. Soto joins the Bank after an impactful tenure as the Chief Financial Officer of Square Financial Services, Inc. (a subsidiary of Block, Inc.), where he played a pivotal role in building and scaling the financial operations of one of the nation's most innovative banking entities.

Mr. Soto's appointment as CFO marks a new chapter for Coastal, reaffirming its dedication to operating excellence, strong regulatory stewardship, and the continued scaling of both its fintech and community banking divisions. With more than two decades of experience spanning major financial institutions and fintech brands, Mr. Soto brings a wealth of industry expertise and strategic foresight.

During his seven-year tenure as Chief Financial Officer of Square Financial Services, Mr. Soto oversaw all aspects of the bank's financial operations. He played a central role in the preparation and submission of the bank's charter application, ultimately securing approvals from both the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. Mr. Soto directed the Finance function, encompassing accounting, financial analysis, budgeting, forecasting, and comprehensive financial reporting to the Board of Directors, management, and regulators. He also managed all Treasury activities, including funding, asset-liability management, and interest rate risk management. Under his leadership, Square Financial Services consistently met its capital requirements and effectively positioned itself for disciplined, strategic growth.

Mr. Soto's career includes leadership roles at several high-profile institutions. At Green Dot Bank (a subsidiary of Green Dot Corporation), he served as CFO and later Chief Administrative Officer, scaling financial and reporting infrastructure while broadening his operational perspective. Other key positions include Controller at Sallie Mae Bank during a period of rapid growth. Mr. Soto also held senior financial roles at Chrysler Financial Bank (in application), Allegiance Direct Bank, Toyota Financial Savings Bank, JPMorgan Chase, Volvo Commercial Credit Corp, Franklin-Templeton Bank & Trust, First USA Paymentech, and Discover Financial Services, building a foundation in controllership, forecasting, treasury operations and regulatory reporting.

Mr. Soto holds an MBA with a Graduate Certificate in Accounting from Westminster University and a Bachelor of Science in Finance and Accounting from the University of Utah. He is a licensed CPA in Utah and a graduate of the McKinsey Hispanic & Latino Executive Leadership Program, underscoring his commitment to lifelong learning and leadership development.

Throughout his career, Mr. Soto has championed economic empowerment and financial inclusion, shaping his approach to leadership and innovation. His transition to Coastal comes at a pivotal time, and the Bank's leadership expressed deep enthusiasm for his appointment. "Brandon's extraordinary record of accomplishment and commitment to financial empowerment and innovation are precisely what Coastal needs as we pursue our mission of serving communities, modernizing operations, and creating lasting value to our customers, partners, and shareholders," said Eric Sprink, the Company's CEO.

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**<u>About Coastal Financial</u>**

The Company, is an Everett, Washington based bank holding company whose wholly owned subsidiaries are the Bank and Arlington Olympic LLC. The Bank, which has $4.48 billion in assets, provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank's CCBX segment. To learn more about the Company visit www.coastalbank.com. Member FDIC.

**<u>Contact</u>**

Eric Sprink, Chief Executive Officer, (425) 357-3659

Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

**<u>Forward-Looking Statements</u>**

*This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management's expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Any or all of the forward-looking statements in this press release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this press release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under "Risk Factors" in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.*

*If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.*

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