Coastal Financial Corporation filed an 8-K on October 29, 2026, disclosing that CEO Eric M. Sprink voluntarily reduced his annual base salary and that Brian Hamilton, President of CCBX, transitioned from an employee to a consulting role, both effective October 28, 2026.

Key Highlights

  • CEO salary reduction: Eric M. Sprink's annual base salary was reduced from $874,000 to $500,000, effective October 28, 2026.
  • Voluntary action: According to the filing, Mr. Sprink "volunteered to reduce his compensation" in connection with the company's broader profit improvement plan.
  • Hamilton consulting agreement: Brian Hamilton will provide strategic advisory and business development services through May 1, 2027, at a monthly fee of $35,000.
  • Aggregate consulting cap: The total consulting fee payable to Mr. Hamilton will not exceed $245,000, according to the filing.
  • Hamilton retains board seat: Mr. Hamilton will resign from all positions with the company and its subsidiaries except his consulting role and his seat on the company's Board of Directors.
  • Stated rationale: The filing states both actions are "part of the Company's broader cost-reduction and operational-efficiency initiatives."

Coastal Financial Discloses Executive Compensation Changes Tied to Cost-Reduction Plan

Coastal Financial Corporation (NASDAQ:CCB), headquartered in Everett, Washington, disclosed two significant executive compensation developments in an 8-K filed October 29, 2026. The company's Board of Directors approved a reduction in CEO Eric M. Sprink's annual base salary from $874,000 to $500,000, with the filing noting that Mr. Sprink volunteered the reduction in connection with the company's "broader profit improvement plan and ongoing efforts to reduce operating expenses and align executive compensation with the Company's current cost structure."

Separately, the company, its wholly owned subsidiary Coastal Community Bank, and Brian Hamilton mutually agreed to transition Mr. Hamilton out of his role as President of CCBX, the bank's FinTech and banking-as-a-service division. The filing states the transition occurred because "technology build-outs and infrastructure initiatives that Mr. Hamilton was engaged to lead had substantially progressed to a stage that no longer required his day-to-day leadership and oversight." Mr. Hamilton will cease serving as an employee and will resign from all positions except his consulting role and his directorship on the company's Board.

Under his consulting agreement, Mr. Hamilton will provide strategic advisory and business development services to the company's Chief Executive Officer on an as-needed basis from the effective date through May 1, 2027. He will receive a monthly fee of $35,000, with aggregate consulting fees capped at $245,000. The filing notes the consulting agreement includes "customary releases and confirms certain continuing confidentiality, non-solicitation, non-competition, non-disparagement and cooperation obligations." Full copies of both the consulting agreement and the amendment to Mr. Sprink's employment agreement are to be filed with the company's Form 10-Q for the fiscal quarter ending September 30, 2026.

What Was Disclosed

The 8-K disclosed the mutual transition of CCBX President Brian Hamilton to a paid consulting role through May 1, 2027, and a voluntary reduction in CEO Eric M. Sprink's annual base salary from $874,000 to $500,000, both effective October 28, 2026, as part of a broader cost-reduction initiative.