Coastal Financial Corp 8-K, filed Nov 5, 2020
Coastal Financial Corp (CCB)
About this 8-K
Coastal Financial Corp filed this 8-K on November 5, 2020, reporting on events of November 1, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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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).
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On November 3, 2020, Coastal Financial Corporation (the “Company”) appointed Rilla Delorier as a director for the Company, effective November 1, 2020. Ms. Delorier has over 30 years of executive experience in banking, and most recently has served as Chief Strategy and Transformation Officer at a bank.
Ms. Delorier will be a member of the Audit and Non-Financial Risk Committees of the Company. With this appointment, the Company will have ten directors, seven of whom are independent, including Ms. Delorier. Ms. Delorier will receive cash and restricted stock compensation in accordance with the Company’s non-employee director compensation program described in the Company’s 2020 Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on April 3, 2020, and as amended on October 26, 2020, the amount of which will be prorated from the date of her appointment. There are no arrangements or understandings between Ms. Delorier and any other person pursuant to which Ms. Delorier was selected as a director, and there are no transactions in which the Company is a party and in which Ms. Delorier has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
For further details, a copy of the press release (“CCB Press Release”) announcing the appointment of Ms. Delorier to the Board of Directors of the Company issued by the Company on November 3, 2020, is attached hereto as Exhibit 99.1 to this current report on Form 8-K.
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Item 9.01 |
Financial Statements and Other Exhibits |
(d) Exhibits
NumberDescription
99.1CCB Press Release dated November 3, 2020
104Cover 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.
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COASTAL FINANCIAL CORPORATION |
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Date: November 4, 2020 |
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By: |
/s/ Joel G. Edwards |
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Joel G. Edwards |
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Executive Vice President and Chief Financial Officer |
EXHIBIT 99.1
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For Immediate Release |
Contact: Eric Sprink President and CEO 425.357.3659 esprink@coastalbank.com |
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Rilla Delorier Joins Coastal Financial Corporation Board of Directors
EVERETT, Wash., November 3, 2020 – Coastal Financial Corporation (Nasdaq: CCB), the bank holding company for Coastal Community Bank announced that Rilla Delorier has joined its Board of Directors.
Delorier is an experienced C-suite leader with more than 30 years of executive experience and has served in a range of capacities including managing the P&L of a $2.7 billion retail banking business, Chief Strategy and Digital Transformation Officer, Chief Marketing Officer, healthcare business leader, and strategy consulting with Bain & Co. A graduate of the University of Virginia, with an MBA from Harvard, Delorier lead innovation initiatives at Umpqua Bank and SunTrust Bank and is a sought-after speaker on leadership, purpose, innovation, and business transformation.
“As Coastal continues to evolve and build a more complex organization, the expertise that Rilla brings to our board will be invaluable,” said Eric Sprink, President and CEO. “Her experience in developing new products, automating operations, implementing enhanced cyber-security practices, establishing strategic partnerships, and modernized use of analytics will help advise Coastal as we navigate within the highly regulated and ever-changing banking environment.”
About Coastal Financial Corporation
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 $1.7 billion community bank that the Bank operates provides service through 15 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to broker dealers and digital financial service providers through its CCBX Division. In 2021, the Bank expects to introduce a digital bank offering in collaboration with Google. To learn more about Coastal visit www.coastalbank.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this press release may turn out to be inaccurate. The
inclusion of or reference to forward-looking information in this press release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed, our Quarterly Report on Form 10-Q for the most recent quarter, and in any of our subsequent filings with the Securities and Exchange Commission.
If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.