Coastal Financial (Nasdaq: CCB) details CFO transition and interim appointment
Rhea-AI Filing Summary
Coastal Financial Corporation reported a planned chief financial officer transition. Brandon Soto, Executive Vice President and CFO, will step down effective August 15, 2026, to become CEO of a banking subsidiary of a privately held financial technology company. The company stated that his departure is not related to any disagreements. Under a Separation Agreement dated July 22, 2026, he will repay a $15,000 signing bonus and receives a waiver of advance notice requirements in exchange for agreeing to restrictive covenants.
Joel Edwards, age 65, who served as Coastal’s CFO from 2012 until his retirement in 2025 and currently advises the company, has been appointed Interim Chief Financial Officer effective August 15, 2026. An offer letter provides a monthly base salary of $100,000 and participation in standard executive benefits. The company notes there are no arrangements or family relationships tied to his selection and no related-party transactions requiring disclosure. Coastal plans to conduct a search for a permanent CFO, and Soto will remain through the filing and certification of the company’s second-quarter 2026 Form 10-Q.
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8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Signing bonus repayment: $15,000
Interim CFO monthly base salary: $100,000
Bank size: $5.66 billion
+3 more
6 metrics
Signing bonus repayment
$15,000
Amount repaid by Brandon Soto under the Separation Agreement
Interim CFO monthly base salary
$100,000
Base compensation for Joel Edwards as Interim Chief Financial Officer
Bank size
$5.66 billion
Size of Coastal Community Bank as described in the company’s overview
Full-service branches
14
Number of Coastal Community Bank’s full-service branches in three Washington counties
Loan production offices
1
Loan production office operated by Coastal Community Bank in King County
Age of interim CFO
65
Age of Joel Edwards at the time of his appointment as Interim CFO
Key Terms
Separation Agreement, restrictive covenants, banking as a service, Item 404(a) of Regulation S-K
4 terms
Separation Agreement regulatory
"the Company and Mr. Soto entered into a Separation Agreement, dated July 22, 2026"
A separation agreement is a written contract that spells out the financial and legal terms when an employee and a company part ways, such as final pay, severance, continued benefits, confidentiality, and any release of claims. For investors, it matters because these agreements determine immediate costs, potential future liabilities, and whether departing staff are restricted from competing or disclosing information—factors that can affect a company’s cash flow, risk profile, and leadership continuity.
restrictive covenants regulatory
"repayment of a $15,000 signing bonus by Mr. Soto in exchange for agreeing to certain restrictive covenants"
Restrictive covenants are contract terms that limit what a company, its executives, or shareholders can do—like rules that prohibit selling stock, starting a rival business, or taking on certain debts. Think of them as house rules that protect one party’s interests by keeping risky or competitive actions off the table. For investors they matter because these limits affect a company’s flexibility, governance, potential future value and the ease of exiting an investment.
banking as a service financial
"The Bank provides banking as a service to digital financial service providers"
Banking as a service (BaaS) is a model where licensed banks expose their infrastructure—accounts, payments, cards, lending and compliance—through software interfaces so non-bank companies can offer those financial products under their own brand. Investors care because BaaS can let businesses scale financial offerings quickly with lower upfront costs, create steady fee-based revenue, and concentrate regulatory or credit risk with the bank partner, affecting margins and valuation like a white-label franchise agreement.
Item 404(a) of Regulation S-K regulatory
"no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What executive leadership change did Coastal Financial (CCB) announce?
Coastal Financial announced that CFO Brandon Soto will step down on August 15, 2026, and that former longtime CFO Joel Edwards has been appointed Interim Chief Financial Officer, also effective August 15, 2026, while a search for a permanent CFO is conducted.
Why is Brandon Soto leaving Coastal Financial (CCB) and when is his last day as CFO?
Brandon Soto is leaving to become CEO of a banking subsidiary of a privately held financial technology company. He will step down as Coastal Financial’s CFO on August 15, 2026 and will remain through the filing and certification of the second-quarter 2026 Form 10-Q.
Who is Joel Edwards, the interim CFO at Coastal Financial (CCB)?
Joel Edwards, 65, previously served as CFO of Coastal Financial and Coastal Community Bank from 2012 to 2025 and now acts as an advisor. He has extensive prior banking leadership experience and has been appointed Interim Chief Financial Officer effective August 15, 2026.
What compensation will interim CFO Joel Edwards receive at Coastal Financial (CCB)?
Under his offer letter, Interim CFO Joel Edwards will receive a monthly base salary of $100,000 and participate in employee benefits generally available to other company executives, aligning his compensation with Coastal Financial’s broader executive benefit programs during his interim service.
What does the Separation Agreement between Coastal Financial (CCB) and Brandon Soto provide?
The Separation Agreement dated July 22, 2026 provides a waiver of any advance notice requirements and includes repayment of a $15,000 signing bonus by Brandon Soto, in exchange for his agreement to certain restrictive covenants following his departure as chief financial officer.
How large is Coastal Financial’s banking platform (CCB) and where does it operate?
Coastal Community Bank is described as a $5.66 billion bank with 14 full-service branches in Snohomish, Island and King Counties, plus one loan production office in King County, supported by internet and mobile banking and a banking-as-a-service CCBX segment.
Will Brandon Soto stay involved with Coastal Financial (CCB) during the CFO transition?
Yes. Brandon Soto will remain with Coastal Financial through the filing and certification of its second-quarter 2026 Form 10-Q, providing continuity for the company’s financial reporting before his departure as chief financial officer on August 15, 2026.
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): July 22, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (425) 257-9000
Not Applicable
(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:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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. ⃞
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Brandon Soto, Executive Vice President and Chief Financial Officer
On July 22, 2026, Coastal Financial Corporation (the “Company”), announced that Brandon Soto, Executive Vice President and Chief Financial Officer will step down from his role as Chief Financial Officer of the Company, effective August 15, 2026, to pursue a position as the Chief Executive Officer of a banking subsidiary of a privately held company in the financial technology sector. Mr. Soto’s departure is not related to any disagreements with the Company.
In connection with his separation, the Company and Mr. Soto entered into a Separation Agreement (the “Separation Agreement”), dated July 22, 2026, that provides for a waiver of any advance notice requirements and repayment of a $15,000 signing bonus by Mr. Soto in exchange for Mr. Soto agreeing to certain restrictive covenants. The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Appointment of Joel Edwards, Interim Chief Financial Officer
In connection with Mr. Soto’s departure, the Company has appointed Joel Edwards as Interim Chief Financial Officer, effective August 15, 2026.
Mr. Edwards, 65, was previously the Chief Financial Officer of the Company and the Coastal Community Bank (the “Bank”), a subsidiary of the Company, from 2012 until his retirement in 2025 and currently serves as an advisor to the Company. Prior to joining the Company and Bank, Mr. Edwards was a Senior Vice President and Administration Officer at AmericanWest Bank. Prior to that experience, he was Executive Vice President and Chief Financial Officer at Viking Bank, Vice President and Chief Financial Officer at Rainier Pacific Bank and President of the Washington Credit Union Share Guaranty Association. He also was employed in the Farm Credit System for eight years including positions as vice president responsible for administration, budget and policy. Mr. Edwards graduated magna cum laude with a bachelor’s degree in business and concentration in economics from, and completed post-graduate studies in accounting at, Eastern Washington University. He also received an M.B.A. from Eastern Washington University.
In connection with his appointment, the Company and Mr. Edwards have entered into an offer letter that provides that Mr. Edwards will receive a monthly base salary of $100,000 and will participate in employee benefits generally available to other Company executives. The foregoing description does not purport to be complete and is qualified in its entirety by reference to Mr. Edward’s offer letter, a copy of which is attached hereto as Exhibit 10.2 and incorporated by reference herein.
There is no arrangement or understanding between Mr. Edwards and any other person pursuant to which he was selected as Interim Chief Financial Officer of the Company. In addition, there are no familial relationships between Mr. Edwards and any director or executive officer of the Company, and Mr. Edwards has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
The Company will commence a search for a permanent Chief Financial Officer, considering both internal and external candidates.
Item 7.01 Regulation FD
On July 22, 2026, the Company issued a press release announcing the departure of Mr. Soto as Chief Financial Officer and appointment of Mr. Edwards as Interim Chief Financial Officer, each effective as of August 15, 2026. 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 Financial Statements and Exhibits
Exhibits
Number | Description | |||||||
| 10.1 | Separation Agreement, dated as of July 22, 2026, among Coastal Financial Corporation and Brandon J. Soto. | |||||||
| 10.2 | Employment Agreement,, dated as of July 22, 2026, among Coastal Financial Corporation and Joel G. Edwards. | |||||||
| 99.1 | Press Release by Coastal Financial Corporation, dated July 22, 2026 | |||||||
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document) | |||||||
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 | ||||||||
Date: July 22, 2026 | By: | /s/ Brandon J. Soto | ||||||
| Brandon J. Soto | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
Exhibit 99.1
Coastal Financial Corporation Announces CFO Transition
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., (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 $5.66 billion Bank provides service through 14 full-service branches in Snohomish, Island and King Counties, one loan production office in King County, 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.
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Contact
Eric Sprink, Chief Executive Officer, esprink@coastalbank.com
Brandon Soto, Executive Vice President & Chief Financial Officer, bsoto@coastalbank.com
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