---
schema_version: "secwatch.filing_event.v1"
accession: "0001437958-22-000028"
form_type: "8-K"
ticker: "CCB"
cik: "0001437958"
company_name: "COASTAL FINANCIAL CORP"
filed_at: "2022-11-01T23:59:59+00:00"
generated_at: "2026-06-22T17:54:07.482579+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Coastal Financial closes $20M private placement of 7% fixed-to-floating subordinated notes due 2032

## Summary
- Issued $20M aggregate principal of 7.00% Fixed-to-Floating Rate Subordinated Notes due November 1, 2032.
- Interest fixed at 7.00% for first five years, then resets quarterly to 3-month SOFR plus 290 bps.
- Net proceeds used for general corporate purposes; notes are unsecured, subordinated, and not FDIC-insured.
- May be redeemed in whole or part on or after November 1, 2027, or upon certain capital/tax events.
- Keefe, Bruyette & Woods served as sole placement agent; offering exempt from registration.

## SEC filing metadata
- accession: 0001437958-22-000028
- form_type: 8-K
- ticker: CCB
- cik: 0001437958
- company_name: COASTAL FINANCIAL CORP
- filed_at: 2022-11-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437958/000143795822000028/0001437958-22-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437958/000143795822000028/ck1437958-20221101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437958-22-000028
- JSON: https://secwatch.observer/filing/0001437958-22-000028.json
- Plain text: https://secwatch.observer/filing/0001437958-22-000028.txt

## Key facts
- Debt Financings
  COASTAL FINANCIAL CORP incurred senior notes of $20 million at 7.00% per annum maturing November 1, 2032.
  - Instrument: senior notes
  - Principal: $20 million
  - Rate: 7.00% per annum
  - Maturity: November 1, 2032
  - Event: incurrence
  source text: the Company issued and sold $20 million in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated Notes due November 1, 2032 (the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437958/000143795822000028/0001437958-22-000028-index.htm
- Material Agreements
  COASTAL FINANCIAL CORP entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers valued at $20 million (effective 2022-11-01).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: certain qualified institutional buyers
  - Value: $20 million
  - Effective: 2022-11-01
  source text: On November 1, 2022, Coastal Financial Corporation, a Washington corporation (the “Company”) entered into Subordinated Note Purchase Agreements (the “Note Purchase Agreements”) with certain qualified institutional buyers pursuant to which the Company issued and sold $20 million in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated Notes due November 1, 2032
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437958/000143795822000028/0001437958-22-000028-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.