Coastal Financial Corp.
04/29/2026 | Press release | Distributed by Public on 04/29/2026 12:14
Regulation FD Disclosure (Form 8-K)
Item 7.01 Regulation FD Disclosure
Coastal Community Bank, a Washington state-chartered commercial bank (the "Bank") and a wholly owned subsidiary of Coastal Financial Corporation, a Washington corporation, entered into a non-binding term sheet with Evolve Bank & Trust ("Evolve") setting forth non-binding terms related to a diverse set of banking-as-a-service programs presently overseen and operated by Evolve (each an "Evolve Program") that the Bank may acquire the assets and deposits of. The Bank intends to promptly initiate due diligence with respect to certain of the Evolve Programs, and each of the Bank and Evolve intend to work collaboratively to expeditiously negotiate and execute definitive agreements for any of those Evolve Programs elected by the Bank and Evolve to be acquired by the Bank. The Bank's acquisition of any Evolve Programs will be subject to the execution of definitive agreements, the receipt of required regulatory approvals and other customary closing conditions.
The information furnished under this Item 7.01 will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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