Coastal Financial Corporation Announces CFO Transition
Rhea-AI Summary
Coastal Financial Corporation (Nasdaq: CCB) announced a CFO transition effective August 15, 2026. Brandon Soto will step down as Executive Vice President and Chief Financial Officer to become CEO of a banking subsidiary of a privately held financial technology company. Former longtime CFO Joel Edwards, who served from 2012 until retiring in 2025 and currently advises the company, has been appointed Interim Chief Financial Officer starting the same date. Coastal Financial will begin a search for a permanent CFO, considering internal and external candidates. Soto will remain with the company through the filing and certification of its Q2 2026 Form 10-Q to support an orderly transition.
Positive
- Experienced former CFO returns as interim Joel Edwards, CFO from 2012–2025, reappointed effective August 15, 2026
- Orderly transition supported Brandon Soto to remain through filing and certification of Q2 2026 Form 10-Q
Negative
- CFO departure Brandon Soto resigning as Executive Vice President and Chief Financial Officer effective August 15, 2026
- Leadership uncertainty Company commencing search for a permanent Chief Financial Officer with timing not specified
News Market Reaction – CCB
In the Jul 23 session, CCB declined 7.92%, reflecting a notable negative market reaction. Argus tracked a trough of -4.6% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 14 | Strategic partnership | Positive | +0.3% | Pliant selected Coastal as its U.S. sponsor bank for commercial card expansion. |
| Apr 29 | First-quarter earnings | Positive | -12.7% | Q1 results showed net income, asset growth, deposits, and higher BaaS fee income. |
| Jan 29 | Fourth-quarter earnings | Positive | -0.1% | Q4 and full-year net income were reported alongside CCBX fee-income growth. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
CCB's prior positive announcements were followed by one aligned gain and two divergent declines, including a 12.66% drop after Q1 earnings.
Key Terms
banking as a service financial
form 10-q regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Brandon Soto to Assume CEO Position at Another Financial Institution; Longtime Coastal CFO Joel Edwards Appointed Interim CFO
Company to Commence Search for Permanent Chief Financial Officer
EVERETT, Wash., July 22, 2026 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), and its subsidiary, Coastal Community Bank (the “Bank”), today announced that Brandon Soto has accepted a position to become Chief Executive Officer of a banking subsidiary of a privately held company in the financial technology sector. He will step down from his role as Executive Vice President and Chief Financial Officer of Coastal Financial Corporation, effective August 15, 2026.
In connection with Mr. Soto’s departure, Joel Edwards, who was CFO of Coastal Financial from 2012 until his retirement in 2025 and currently serves as an advisor to the Company, has been appointed Interim Chief Financial Officer, effective August 15, 2026. The Company will commence a search for a permanent Chief Financial Officer, considering both internal and external candidates.
Eric Sprink, CEO of Coastal Financial Corporation, commented, “Brandon has been a great partner since joining us last year, and his leadership has helped us continue to scale the financial operations of our banking as a service business while maintaining the strength of our community banking franchise. He has earned the opportunity to lead a financial institution as CEO, and we are excited for him as he prepares to step into his new role.”
Mr. Sprink added, “While we conduct a search for a permanent Chief Financial Officer, we are fortunate to have Joel step back into the CFO role on an interim basis. Joel’s deep familiarity with our financials and team will help ensure continuity for our shareholders, partners, and customers during the transition period.”
Mr. Soto added, “It has been a privilege to work alongside Eric and the entire Coastal team to advance our hybrid model, expand how we serve businesses and communities across Washington, and further build out a diverse network of fintech partnerships. As I prepare to take on a new challenge, I remain very proud of our achievements here at Coastal and confident in the company’s continued trajectory.”
Mr. Soto will remain with the Company through the filing and certification of its Quarterly Report on Form 10-Q for the second quarter of 2026.
About Coastal Financial
Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The
Contact
Eric Sprink, Chief Executive Officer, esprink@coastalbank.com
Brandon Soto, Executive Vice President & Chief Financial Officer, bsoto@coastalbank.com
