secwatch.observer — SEC 8-K summary
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Issuer:     COASTAL FINANCIAL CORP (CCB)
CIK:        0001437958
Form:       8-K
Filed at:   2022-11-01T23:59:59+00:00
Accession:  0001437958-22-000028
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1437958/000143795822000028/0001437958-22-000028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1437958/000143795822000028/ck1437958-20221101.htm
  HTML page:      https://secwatch.observer/filing/0001437958-22-000028

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