UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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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 March 22, 2021, Mr. Andrew Dale, a member of the board of directors (the “Board”) of Coastal Financial Corporation (the “Company” or “Coastal”), notified the Company that he will not stand for reelection to the Board at the Company’s 2021 annual meeting of shareholders (the “2021 Annual Meeting”). Mr. Dale’s resignation will be effective May 24, 2021. Mr. Dale is currently a member of both the Audit Committee and Credit Committee of the Board, and will serve in his current positions until the 2021 Annual Meeting.
Mr. Dale has served on the Board since 2011, providing years of valuable contributions to the Company. Mr. Dale is the Managing Principal of Montlake Capital LLC, a private equity firm based in Seattle, Washington, a position he has held since 1999. He currently serves on the board of directors or managers for multiple Montlake portfolio companies. Mr. Dale noted, “I have enjoyed working with the Coastal team and take pride in the growth and success the Company realized during my tenure. I wish the entire Coastal team all the best moving forward.”
“Andy has been a valuable member of the Board and has been instrumental in the success of the Company over the last 10 years”, said Christopher Adams, Chair of the Board. “We are grateful for his service, professionalism and contributions to the Company.”
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.
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: March 23, 2021 |
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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 |