COASTAL FINANCIAL CORP 8-K

What Happened Coastal Financial Corporation (CCB) filed an 8-K on May 29, 2026 reporting the results of its 2026 Annual Meeting of Shareholders held May 27, 2026. Holders of 13,853,559 shares (about 91% of voting power as of the March 27, 2026 record date) were present in person or by proxy, constituting a quorum. Shareholders elected five directors, ratified Baker Tilly US, LLP as the company’s independent registered public accounting firm for fiscal 2026, and approved the advisory (non-binding) vote on executive compensation.

Key Details

• Meeting & participation: Annual Meeting held May 27, 2026; record date March 27, 2026; 13,853,559 shares present (~91% voting power).
• Director elections:
  • Rilla R. Delorier — For: 11,904,655; Withheld: 841,585; Broker non-votes: 1,107,319 (3-year term to 2029).
  • Steven D. Hovde — For: 6,374,067; Withheld: 6,372,171; Broker non-votes: 1,107,321 (3-year term to 2029).
  • Michael R. Patterson — For: 11,913,486; Withheld: 832,753; Broker non-votes: 1,107,320 (3-year term to 2029).
  • Gregory A. Tisdel — For: 11,098,242; Withheld: 1,647,996; Broker non-votes: 1,107,321 (3-year term to 2029).
  • Jeffrey M. Chapman — elected to a 2-year term until the 2028 annual meeting (vote totals shown above reflect the class placements).
• Auditor ratification: Baker Tilly US, LLP ratified for fiscal year ending Dec. 31, 2026 — For: 13,810,457; Against: 41,938; Abstain: 1,162; 2 broker non-votes.
• Advisory vote on executive compensation (say-on-pay): Approved — For: 12,261,568; Against: 344,062; Abstain: 140,608; Broker non-votes: 1,107,321.
• Report signed by Brandon J. Soto, Executive Vice President & Chief Financial Officer, dated May 29, 2026.

Why It Matters

• Board continuity and governance: The re-election of directors determines the company's board composition and oversight for upcoming years (most elected to terms through 2029). Investors watch board makeup for strategic direction and governance stability.
• Audit oversight: Ratification of Baker Tilly as the independent auditor sets who will review and report on the company’s 2026 financial statements — a routine but important governance step.
• Executive pay signal: The advisory approval of the company's executive compensation indicates that a majority of voting shareholders supported management’s pay practices. The presence of significant broker non-votes on some items may reflect shares held by brokers that did not cast votes on contested or non-routine matters.