# EDGAR Filing Document

**Accession Number:** 0001437958
**File Stem:** 0001552781-25-000336
**Filing Date:** 2025-10
**Character Count:** 22368
**Document Hash:** 492ce5c0962b7b91cbb5acb31bfe47aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001552781-25-000336.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001552781-25-000336

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**EFFECTIVENESS DATE**: 20251024

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291077
- **FILM NUMBER:** 251416811

**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

As filed with the Securities and Exchange Commission on October 24, 2025

Registration No. 333-

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**<br> **REGISTRATION STATEMENT**

*UNDER*<br> *THE SECURITIES ACT OF 1933*

**COASTAL FINANCIAL CORPORATION**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **Washington** | **56-2392007** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

---

**5415 Evergreen Way** 

**Everett, Washington 98203** 

**(425) 257-9000**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Coastal Financial Corporation 2018 Omnibus Incentive Plan, as amended**

(Full title of the plan)

**Eric M. Sprink**

**Chief Executive Officer**

**Coastal Financial Corporation**

**5415 Evergreen Way**

**Everett, Washington 98203**

**(425) 257-9000**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

---

| | |
|:---|:---|
| **Brandon J. Soto**<br> **Executive Vice President and Chief Financial Officer**<br> **Coastal Financial Corporation**<br> **5415 Evergreen Way**<br> **Everett, Washington 98203**<br> **(425) 257-9000** | **Michael P. Reed**<br> **Brian V. Breheny**<br> **Skadden, Arps, Slate, Meagher & Flom LLP**<br> **One Manhattan West**<br> **395 9<sup>th</sup> Avenue**<br> **New York, NY 10001**<br> **(212) 735-3443** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □ Accelerated filer ⌧ <br> Non-accelerated filer □ Smaller reporting company □ <br> 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 7(a)(2)(B) of the Securities Act. ⌧

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (the "Registration Statement") is filed by Coastal Financial Corporation ("Coastal" or the "Company") for the purpose of registering additional shares of common stock, no par value per share (the "Common Stock"), under the Coastal Financial Corporation 2018 Omnibus Incentive Plan, as amended by the First Amendment and the Second Amendment thereto (the "Incentive Plan").

On March 25, 2025, the board of directors of Coastal approved the Second Amendment, which amends the Coastal Financial Corporation 2018 Omnibus Incentive Plan to increase the number of shares of Common Stock authorized for issuance thereunder from 1,100,000 to 1,700,000, which was approved by the shareholders of Coastal on May 28, 2025. The Second Amendment is incorporated by reference as Exhibit 4.3 to this Registration Statement. Of the 1,700,000 shares of Common Stock authorized by the Incentive Plan, 500,000 were registered pursuant to Coastal's Registration Statement on Form S-8 (File No. 333-226318), which was filed on July 24, 2018 (the "Original Registration Statement") and 600,000 were registered pursuant to Coastal's Registration Statement on Form S-8 (File No. 333-256646), which was filed on May 28, 2021 (the "Second Registration Statement," collectively the "Registration Statements"). Pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended, the contents of the Registration Statements, including any amendments thereto or filings incorporated therein by reference, are incorporated herein by reference and made part of this Registration Statement. Any items in the Registration Statements not expressly changed hereby shall be as set forth in the Registration Statements.

**PART II**<br> **INFORMATION REQUIRED IN REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents filed by Coastal with the Securities and Exchange Commission ("SEC") are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Coastal's Annual Report on [Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000058/ck1437958-20241231.htm) for the fiscal year ended December 31, 2024, filed on March 17, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Coastal's Quarterly Report on [Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000090/ck1437958-20250331.htm) for the fiscal quarter ended March 31, 2025, filed on May 9, 2025, and Coastal's Quarterly Report on [Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000149/ck1437958-20250630.htm) for the fiscal quarter ended June 30, 2025, filed on August 8, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Coastal's Current Reports on Form
 8-K, filed on [March 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000056/ck1437958-20250314.htm) , [May 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000087/ck1437958-20250507.htm) , [May 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000099/ck1437958-20250528.htm) , [June 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000127/ck1437958-20250528.htm) , [June 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000130/ck1437958-20250603.htm) , [September 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000152/ck1437958-20250909.htm) , [September 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000157/ck1437958-20250922.htm) (excluding Item 7.01 and Exhibit 99.1 thereto) and [October 2, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000160/ck1437958-20250929.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of Coastal's Common
 Stock contained in Coastal's Registration Statement on [Form S-3](https://www.sec.gov/Archives/edgar/data/1437958/000155278121000201/e21204_ccb-s3.htm) filed on April 13, 2021, set forth under the heading
 "Description of Common Stock," as updated and amended from time to time.

All reports and other documents subsequently filed by Coastal pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (other than Current Reports on Form 8-K furnished pursuant to Items 2.02 or 7.01 of such form), prior to the filing of a post-effective amendment which indicates that all securities registered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 8.** **Exhibits.**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 3.1 | [Second Amended and Restated Articles of Incorporation of Coastal Financial Corporation (incorporated by reference to Exhibit 3.1 to the Company's Form S-1 Registration Statement (File No. 333-225715), filed with the SEC on June 19, 2018).](https://www.sec.gov/Archives/edgar/data/1437958/000119312518196554/d575134dex31.htm) |
| 3.2 | [Articles of Amendment to the Second Amended and Restated Articles of Incorporation of Coastal Financial Corporation (incorporated by reference to Exhibit 3.2 to the Company's Form S-1 Registration Statement (File No. 333-225715), filed with the SEC on June 19, 2018).](https://www.sec.gov/Archives/edgar/data/1437958/000119312518196554/d575134dex32.htm) |
| 3.3 | [Second Amended and Restated Bylaws of Coastal Financial Corporation (incorporated by reference to Appendix B to the Company's Definitive Proxy Statement on Schedule 14A (File No. 001-38589), filed with the SEC on April 17, 2025).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000076/ck1437958-20250414.htm) |
| 4.1 | [Form of Common Stock Certificate of Coastal Financial Corporation (incorporated by reference to Exhibit 4.1 to the Company's Form S-1 Registration Statement (File No. 333-225715), filed with the SEC on June 19, 2018).](https://www.sec.gov/Archives/edgar/data/1437958/000119312518196554/d575134dex41.htm) |
| 4.2 | [Coastal Financial Corporation 2018 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Form S-1 Registration Statement (File No. 333-225715), filed with the SEC on June 19, 2018).](https://www.sec.gov/Archives/edgar/data/1437958/000119312518196554/d575134dex103.htm) |
| 4.3 | [First Amendment to the Coastal Financial Corporation 2018 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A (File No. 001-38589), filed with the SEC on April 9, 2021).](https://www.sec.gov/Archives/edgar/data/1437958/000156459021018252/ck1437958-def14a_20210524.htm) |
| 4.3 | [Second Amendment to the Coastal Financial Corporation 2018 Omnibus Incentive Plan (incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A (File No. 001-38589), filed with the SEC on April 17, 2025).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437958/000143795825000076/ck1437958-20250414.htm) |
| 5.1\* | [Opinion of Adams & Duncan, Inc., P.S.](e25375_ex5-1.htm) |
| 23.1\* | Consent of Adams & Duncan, Inc., P.S. (included in [Exhibit 5.1](e25375_ex5-1.htm)). |
| 23.2\* | [Consent of Baker Tilly LLP.](e25375_ex23-2.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of this Registration Statement).](#poa) |
| 107\* | [Filing Fee Table.](e25375_ex107.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Everett, State of Washington, on October 24, 2025.

---

| | |
|:---|:---|
| **COASTAL FINANCIAL CORPORATION** | **COASTAL FINANCIAL CORPORATION** |
| By: | /s/ Eric M. Sprink |
|  | Eric M. Sprink |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of Coastal Financial Corporation (the "Registrant") hereby severally constitute and appoint Eric M. Sprink and Brandon J. Soto with full power of substitution, our true and lawful attorneys-in-fact and agents, to do any and all things in our names in the capacities indicated below which said Eric M. Sprink and Brandon J. Soto may deem necessary or advisable to enable the Registrant to comply with the Securities Act of 1933, as amended, and any rules regulations and requirements of the Securities and Exchange Commission, in connection with the registration statement on Form S-8 of the Registrant, including specifically but not limited to, power and authority to sign for us in our names in the capacities indicated below, the registration statement and any and all amendments (including post-effective amendments) thereto; and we hereby ratify and confirm all that said Eric M. Sprink and Brandon J. Soto shall lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Eric M. Sprink | Chief Executive Officer and Director | October 24, 2025 |
| Eric M. Sprink | (Principal Executive Officer and Director) |  |
| /s/ Brian Hamilton | CCBX President and Director | October 24, 2025 |
| Brian Hamilton |  |  |
| /s/ Brandon J. Soto | Executive Vice President and Chief Financial Officer | October 24, 2025 |
| Brandon J. Soto | (Principal Financial and Accounting Officer) |  |
| /s/ Christopher D. Adams | Chairman of the Board | October 24, 2025 |
| Christopher D. Adams |  |  |
| /s/ Steven D. Hovde | Vice Chairman of the Board | October 24, 2025 |
| Steven D. Hovde |  |  |
| /s/ Sadhana Akella-Mishra | Director | October 24, 2025 |
| Sadhana Akella-Mishra |  |  |
| /s/ Rilla Delorier | Director | October 24, 2025 |
| Rilla Delorier |  |  |
| /s/ Stephan Klee | Director | October 24, 2025 |
| Stephan Klee |  |  |
| /s/ Thomas D. Lane | Director | October 24, 2025 |
| Thomas D. Lane |  |  |
| /s/ Gregory A. Tisdel | Director | October 24, 2025 |
| Gregory A. Tisdel |  |  |
| /s/ Pamela Unger | Director | October 24, 2025 |
| Pamela Unger |  |  |
| /s/ Michael Patterson | Director | October 24, 2025 |
| Michael Patterson |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| |
|:---|
| **Adams & Duncan, Inc.** **, P.S.** |
| A Professional Service Corporation<br> **LAWYERS**<br> 3128 COLBY AVENUE<br> EVERETT, WASHINGTON 98201<br> TELEPHONE: (425) 339-8556<br> FACSIMILE: (425) 339-2353 |

---

October 24, 2025

Brandon J. Soto

Chief Financial Officer

Coastal Financial Corporation

5415 Evergreen Way

Everett, WA 98203

Dear Mr. Soto:

This office has acted as counsel to Coastal Financial Corporation, a Washington corporation ("<u>Coastal</u>"), relating to matters arising under the laws of the State of Washington, in connection with the issuance by Coastal under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of Six Hundred Thousand (600,000) additional shares of Coastal's common stock, no par value per share (the "<u>Shares</u>"), for availability under the Coastal Financial Corporation 2018 Omnibus Incentive Plan, as amended (the "<u>Plan</u>"), pursuant to Coastal's registration statement on Form S-8 (the "<u>Registration Statement</u>") filed with the Securities and Exchange Commission (the "<u>Commission</u>") on the date hereof.

In connection with this opinion, this office has examined Coastal's Second Amended and Restated Articles of Incorporation, dated May 3, 2018, as amended by the Articles of Amendment to the Articles of Incorporation, dated May 4, 2018 (collectively, the "<u>Articles</u>"), the Third Amended and Restated Bylaws (the "<u>Bylaws</u>"), each as amended as of the date hereof, the Certificate of Existence, issued by the Washington Secretary of State on October 20, 2025, the Registration Statement, Coastal's Definitive Proxy Statement on Schedule 14A, dated April 17, 2025, the Form 8-K, dated May 28, 2025, and the Corporate Secretary's Certificate, dated October 24, 2025. This office has also examined originals or copies, certified or otherwise identified to this office's satisfaction, of such documents, corporate records, instruments, and other relevant materials as this office deemed advisable and has made such examination of statutes and decisions and reviewed such questions of law as this office has considered necessary or appropriate. As to facts material to this opinion letter, this office has relied as to certain matters on information obtained from public officials, officers of Coastal, and other sources this office believed to be responsible without any independent verification thereof.

Based on the foregoing, and subject to the assumptions, qualifications, and limitations set forth herein, this office is of the opinion that the Shares have been duly authorized and, when issued in accordance with the terms of the Plan and any individual agreements relating to such Shares and upon Board approval of awards and issuance of such Shares, will be validly issued, fully paid and nonassessable.

This office has assumed (i) the legal capacity of all natural persons; (ii) the genuineness of all signatures; (iii) the authenticity, accuracy, and completeness of all documents submitted to us as originals and that all such documents were duly authorized and approved; (iv) the conformity to original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies; and (v) the authenticity, accuracy, and completeness of the originals of such latter documents and that the originals of all such later documents were duly authorized and approved.

The foregoing opinions are made only with respect to the applicability of the laws of the State of Washington. For the avoidance of doubt, this office expresses no opinion with respect to any federal laws, statutes, ordinances, charters, constitutions, treaties, codes, rules, regulations, or guidelines, including any orders issued thereunder, the common laws and the laws of equity of any State of the United States other than the State of Washington, or any departmental or regulatory policies or guidelines of any State of the United States other than the State of Washington.

This office is furnishing this opinion letter to you in connection with the filing of the Registration Statement. This opinion letter is limited to the matters set forth herein, and no other opinion should be inferred beyond the matters expressly stated. The opinions set forth herein are given as of the date hereof, and this office undertakes no obligation to update or supplement this letter if any applicable law changes after the date hereof or if this office becomes aware of any fact or other circumstances that changes or may change any opinion set forth herein after the date hereof or for any other reason.

This office hereby consents to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving such consent, this office does not thereby admit that this office is within the category of persons whose consent is required under Section 7 of the Securities Act.

---

| |
|:---|
| Very truly yours, |
| **Adams & Duncan, Inc, P.S.** |

---

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Coastal Financial Corporation and subsidiaries, of our report dated March 17, 2025, relating to the consolidated financial statements of Coastal Financial Corporation and subsidiaries (the "Company") and the effectiveness of internal control over financial reporting of the Company (which report expresses an unqualified opinion on the consolidated financial statements and an adverse opinion on the effectiveness of internal control over financial reporting due to material weaknesses), appearing in the Annual Report on Form 10-K of the Company for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Baker Tilly US, LLP

Everett, WA

October 24, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**EXHIBIT 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Coastal Financial Corporation**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Security<br> Class Title** | &nbsp;&nbsp;**Fee<br> Calculation<br> Rule<sup>(1)</sup>** | &nbsp;&nbsp;**Proposed<br> Maximum<br> Offering<br> Price Per<br> Share** | &nbsp;&nbsp;**Maximum<br> Aggregate<br> Offering<br> Price** | &nbsp;&nbsp;**Fee Rate** | &nbsp;&nbsp;**Amount of<br> Registration<br> Fee** |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common Stock, no par value | &nbsp;&nbsp;Rule 457(a)&nbsp;&nbsp;600000<sup>(2)</sup> | &nbsp;&nbsp;$103.47 | &nbsp;&nbsp;$62082000 | &nbsp;&nbsp;0.00013810 | &nbsp;&nbsp;$8573.52 |
| &nbsp;&nbsp;Total Offering Amounts |  |  |  | &nbsp;&nbsp;$62082000 |  | &nbsp;&nbsp;$8573.52 |
| &nbsp;&nbsp;Total Fee Offsets |  |  |  |  |  |  |
| &nbsp;&nbsp;Net Fee Due |  |  |  |  |  | &nbsp;&nbsp;$8573.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated pursuant
 to Rule 457(c) and Rule 457(h) under the Securities Act, solely for the purpose of calculating the amount of the registration
 fee, based upon the average of the high and low prices of the registrant's Common Stock, as reported on The Nasdaq Global
 Select Market on October 20, 2025, which date is within five business days prior to filing this Registration Statement.

(2) Pursuant to Rule 416(a)
 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover
 any additional shares of the registrant's common stock that become issuable in respect of the securities identified
 in the above table by reason of any stock dividend, stock split, recapitalization or other similar transaction.