8-K

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):  May 24, 2021

COASTAL FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Washington	001-38589	56-2392007
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5415 Evergreen Way, Everett, Washington 98203

(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
Common stock, no par value per share	CCB	The Nasdaq Stock Market LLC

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.

b)           Effective with the May 24, 2021 Annual Meeting of Shareholders, Mr. Andrew Dale, a member of the Board of Directors (the “Board”) of Coastal Financial Corporation (the “Company”), resigned from the Board.

As previously disclosed in a current report on Form 8-K filed on March 23, 2021, Mr. Dale’s decision not to stand for reelection to the Board was not based on any disagreement with the Company with respect to any matter relating to the Company’s operations, policies or practices.

Item 5.07 Submission of Matters to a Vote of Security Holders.

The annual meeting of shareholders of the Company was held on May 24, 2021.  The final results for each of the matters submitted to a vote of the shareholders at the annual meeting are as follows:

1. The following individuals were elected as directors of the Company for a three-year term by the following vote:

	FOR	WITHHELD
Sadhana Akella-Mishra	6,073,183	1,796,466
Eric M. Sprink	7,786,768	82,881
Pamela Unger	7,860,341	9,308

There were 1,733,157 broker non-votes on the proposal.

2. The approval of the First Amendment to the Coastal Financial Corporation 2018 Omnibus Incentive Plan.

FOR	AGAINST	ABSTAIN
7,765,684	99,586	4,379

There were 1,733,157 broker non-votes on the proposal.    

  3. The appointment of Moss Adams LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021 was ratified by the shareholders by the following vote:

FOR	AGAINST	ABSTAIN
9,602,600	45	161

There were no broker non-votes on the proposal.    

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: May 26, 2021	By:	/s/ Joel G. Edwards
		Joel G. Edwards
		Executive Vice President and Chief Financial Officer

XML

Document and Entity Information	May 24, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 24, 2021
Entity Registrant Name	COASTAL FINANCIAL CORP
Entity Central Index Key	0001437958
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity File Number	001-38589
Entity Incorporation State Country Code	WA
Entity Tax Identification Number	56-2392007
Entity Address Address Line1	5415 Evergreen Way
Entity Address City Or Town	Everett
Entity Address State Or Province	WA
Entity Address Postal Zip Code	98203
City Area Code	425
Local Phone Number	257-9000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, no par value per share
Trading Symbol	CCB
Name of each exchange on which registered	NASDAQ