Coastal Financial Corp CFO to Step Down; Interim CFO Appointed

What Happened
Coastal Financial Corporation (CCB) announced on July 22, 2026 that Executive Vice President and Chief Financial Officer Brandon J. Soto will step down as CFO effective August 15, 2026 to become CEO of a banking subsidiary of a privately held fintech company. The company said his departure is not due to any disagreement with CCB. In connection with his separation, CCB and Mr. Soto entered into a Separation Agreement dated July 22, 2026. The company also named Joel G. Edwards as Interim Chief Financial Officer effective August 15, 2026.

Key Details

• Brandon J. Soto’s separation agreement dated July 22, 2026 includes repayment of a $15,000 signing bonus and a waiver of advance notice requirements in exchange for certain restrictive covenants.
• Effective date for both the CFO departure and interim appointment: August 15, 2026.
• Joel G. Edwards (age 65) served as CCB and Coastal Community Bank CFO from 2012 until his 2025 retirement and currently advises the company; his offer letter provides a monthly base salary of $100,000 and participation in executive benefits.
• The Company will conduct a search for a permanent CFO, considering internal and external candidates.

Why It Matters
A CFO change is a material leadership move that can affect financial reporting, investor communication, and strategic execution. The company secured an experienced, former CFO familiar with CCB as an interim, which supports continuity. The separation terms (repayment of a $15,000 bonus) and the interim salary commitment are concrete near-term financial and governance details investors may want to note while the firm searches for a permanent CFO.