COASTAL FINANCIAL CORP 8-K

What Happened
Coastal Financial Corporation (through its subsidiary Coastal Community Bank) announced on April 29, 2026, that it entered into a non‑binding term sheet with Evolve Bank & Trust regarding the potential acquisition of assets and deposits tied to a diverse set of Evolve-operated banking‑as‑a‑service (BaaS) programs. The filing (Regulation FD disclosure, Item 7.01 of Form 8‑K) states the parties intend to begin due diligence promptly and to work to negotiate and execute definitive agreements for any programs both parties elect to have the Bank acquire.

Key Details

• The term sheet is non‑binding; no acquisition has been agreed or completed.
• Coastal Community Bank is the acquiring party; it is a Washington state‑chartered commercial bank and a wholly owned subsidiary of Coastal Financial Corporation.
• The Bank will promptly begin due diligence on certain Evolve Programs.
• Any acquisition would be subject to definitive agreements, required regulatory approvals and customary closing conditions.

Why It Matters
This disclosure signals that Coastal is exploring an acquisition that could expand its banking‑as‑a‑service footprint, customer deposits and related assets if a deal is completed. For investors, the announcement is an early, non‑binding step — meaning there is potential strategic impact but no guarantee of transaction terms, timing or regulatory approval. The company’s next material updates would come with execution of definitive agreements or if regulatory approvals are sought or received.