Coastal Financial Corp.
03/12/2026 | Press release | Distributed by Public on 03/12/2026 13:57
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 11, 2026, Coastal Financial Corporation (the "Company") appointed Jeffrey M. Chapman to the Company's Board of Directors (the "Board"), effective March 11, 2026. Mr. Chapman is a seasoned financial technology executive and business leader with more than 25 years of experience in banking technology, digital transformation, payments, and data-driven platform development.
With this appointment, the Company's Board will have twelve directors. Mr. Chapman is entitled to receive cash and restricted stock compensation in accordance with the Company's non-employee director compensation program described in the Company's 2025 Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC") on April 17, 2025, and in the Company's December 31, 2025 Form 10-K filed with the SEC on February 27, 2026. There are no arrangements or understandings between Mr. Chapman and any other person pursuant to which Mr. Chapman was selected as a director, and there are no transactions in which the Company is a party and in which Mr. Chapman has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
In connection with his appointment, Mr. Chapman is expected to serve on the Technology Committee and the CCBX Oversight Committee of the Board.
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