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Section 1: SC 13G (SC 13G)

SC 13G

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO §240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO §240.13d-2

(Amendment No.     )*

 

 

Coastal Financial Corporation

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

19046P 209

(CUSIP Number)

December 31, 2018

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

 

Rule 13d-1(b)

 

 

Rule 13d-1(c)

 

 

Rule 13d-1(d)

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP NO. 19046P 209   13G    Page 2 of 9 Pages

 

 

  1       

NAMES OF REPORTING PERSONS:

 

Andrew R. Dale

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

   5       

SOLE VOTING POWER

 

0

   6   

SHARED VOTING POWER

 

1,496,506 (1)

   7   

SOLE DISPOSITIVE POWER

 

0

   8   

SHARED DISPOSITIVE POWER

 

1,496,506 (1)

  9      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,496,506

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES  ☐

 

    

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.6% (2)

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

(1)

Mr. Dale is the Managing Director of Montlake Capital LLC, which holds all of the capital and voting interests in Montlake Capital Advisor II LLC, the sole general partner of Montlake Capital II, L.P., which owns 853,241 shares of common stock, and Montlake Capital II-B, L.P., which owns 643,265 shares of common stock. Mr. Dale disclaims beneficial ownership of such shares held by Montlake Capital II, L.P. and Montlake Capital II-B, L.P., except to the extent of his pecuniary interest therein.

(2)

Based on 11,906,335 shares outstanding as of May 13, 2019.


CUSIP NO. 19046P 209   13G    Page 3 of 9 Pages

 

 

  1       

NAMES OF REPORTING PERSONS:

 

Montlake Capital LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

   5       

SOLE VOTING POWER

 

0

   6   

SHARED VOTING POWER

 

1,496,506 (1)

   7   

SOLE DISPOSITIVE POWER

 

0

   8   

SHARED DISPOSITIVE POWER

 

1,496,506 (1)

  9      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,496,506

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES  ☐

 

    

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.6% (2)

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Mr. Dale is the Managing Director of Montlake Capital LLC, which holds all of the capital and voting interests in Montlake Capital Advisor II LLC, the sole general partner of Montlake Capital II, L.P., which owns 853,241 shares of common stock, and Montlake Capital II-B, L.P., which owns 643,265 shares of common stock. Mr. Dale disclaims beneficial ownership of such shares held by Montlake Capital II, L.P. and Montlake Capital II-B, L.P., except to the extent of his pecuniary interest therein.

(2)

Based on 11,906,335 shares outstanding as of May 13, 2019.


CUSIP NO. 19046P 209   13G    Page 4 of 9 Pages

 

 

  1       

NAMES OF REPORTING PERSONS:

 

Montlake Capital Advisor II LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

   5       

SOLE VOTING POWER

 

0

   6   

SHARED VOTING POWER

 

1,496,506 (1)

   7   

SOLE DISPOSITIVE POWER

 

0

   8   

SHARED DISPOSITIVE POWER

 

1,496,506 (1)

  9      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,496,506

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES  ☐

 

    

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.6% (2)

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(1)

Mr. Dale is the Managing Director of Montlake Capital LLC, which holds all of the capital and voting interests in Montlake Capital Advisor II LLC, the sole general partner of Montlake Capital II, L.P., which owns 853,241 shares of common stock, and Montlake Capital II-B, L.P., which owns 643,265 shares of common stock. Mr. Dale disclaims beneficial ownership of such shares held by Montlake Capital II, L.P.

(2)

Based on 11,906,335 shares outstanding as of May 13, 2019.


CUSIP NO. 19046P 209   13G    Page 5 of 9 Pages

 

 

  1       

NAMES OF REPORTING PERSONS:

 

Montlake Capital II, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

   5       

SOLE VOTING POWER

 

0

   6   

SHARED VOTING POWER

 

853,241 (1)

   7   

SOLE DISPOSITIVE POWER

 

0

   8   

SHARED DISPOSITIVE POWER

 

853,241 (1)

  9      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

853,241

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES  ☐

 

    

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

7.2% (2)

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

(1)

Mr. Dale is the Managing Director of Montlake Capital LLC, which holds all of the capital and voting interests in Montlake Capital Advisor II LLC, the sole general partner of Montlake Capital II, L.P., which owns 853,241 shares of common stock, and Montlake Capital II-B, L.P., which owns 643,265 shares of common stock. Mr. Dale disclaims beneficial ownership of such shares held by Montlake Capital II, L.P. and Montlake Capital II-B, L.P., except to the extent of his pecuniary interest therein.

(2)

Based on 11,906,335 shares outstanding as of May 13, 2019.


CUSIP NO. 19046P 209   13G    Page 6 of 9 Pages

 

 

  1       

NAMES OF REPORTING PERSONS:

 

Montlake Capital II-B, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

   5       

SOLE VOTING POWER

 

    

   6   

SHARED VOTING POWER

 

643,265 (1)

   7   

SOLE DISPOSITIVE POWER

 

0

   8   

SHARED DISPOSITIVE POWER

 

643,265 (1)

  9      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

643,265

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES  ☐

 

    

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

5.4% (2)

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

(1)

Mr. Dale is the Managing Director of Montlake Capital LLC, which holds all of the capital and voting interests in Montlake Capital Advisor II LLC, the sole general partner of Montlake Capital II, L.P., which owns 853,241 shares of common stock, and Montlake Capital II-B, L.P., which owns 643,265 shares of common stock. Mr. Dale disclaims beneficial ownership of such shares held by Montlake Capital II, L.P. and Montlake Capital II-B, L.P., except to the extent of his pecuniary interest therein.

(2)

Based on 11,906,335 shares outstanding as of May 13, 2019.


CUSIP NO. 19046P 209   13G    Page 7 of 9 Pages

 

 

 

Item 1 (a).

Name of Issuer: Coastal Financial Corporation

 

  (b).

Address of Issuer’s Principal Executive Offices:

   

5415 Evergreen Way, Everett, Washington 98203

 

Item 2 (a).

Names of Persons Filing: Andrew R. Dale

  

  Montlake Capital LLC

  Montlake Capital Advisor II LLC

  Montlake Capital II, L.P.

  Montlake Capital II-B, L.P.

  

 

  (b).

Address of Principal Business Office:

   

1200 Fifth Avenue, Suite 1800, Seattle, Washington 98101

 

  (c).

Citizenship: United States of America

 

  (d).

Title of Class of Securities: Common Stock, no par value.

 

  (e).

CUSIP Number: 19046P 209

 

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

 

   

Not applicable. This statement is not filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c).

 

Item 4.

Ownership.

 

  (a)

Amount Beneficially Owned: See Row 9 of the second part of the cover page for each reporting person.

 

  (b)

Percent of Class: See Row 11 of the second part of the cover page for each reporting person.

 

  (c)

Number of Shares as to Which the Person Has: See Rows 5, 6, 7, and 8 of the second part of the cover page for each reporting person.


CUSIP NO. 19046P 209   13G    Page 8 of 9 Pages

 

 

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:  ☐

 

Item 6.

Ownership of More Than Five Percent on Behalf of Another Person.

Not applicable.

 

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not applicable.

 

Item 8.

Identification and Classification of Members of the Group.

Not applicable.

 

Item 9.

Notice of Dissolution of Group.

Not applicable.

 

Item 10.

Certification.

Not applicable.


CUSIP NO. 19046P 209   13G    Page 9 of 9 Pages

 

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

 

/s/ Andrew R. Dale

    June 5, 2019
  Andrew R. Dale    
Montlake Capital LLC    
By:  

/s/ Andrew R. Dale

   
  Andrew R. Dale    
  Managing Director    
Montlake Capital Advisor II LLC    
By:  

/s/ Andrew R. Dale

   
  Andrew R. Dale    
  Managing Director    
Montlake Capital II, L.P.    
By:  

/s/ Andrew R. Dale

   
  Andrew R. Dale    
 

Managing Director, Montlake Capital LLC,

managing member of Montlake Capital Advisor II, LLC, general partner

 
Montlake Capital II-B, L.P.    
By:  

/s/ Andrew R. Dale

   
  Andrew R. Dale    
 

Managing Director, Montlake Capital LLC,

managing member of Montlake Capital Advisor II, LLC, general partner

 

 

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Section 2: EX-99 (EX-99)

EX-99

Exhibit 99

AGREEMENT RELATING TO FILING OF

JOINT STATEMENT PURSUANT TO

RULE 13d-1(k) UNDER

THE SECURITIES EXCHANGE ACT OF 1934

The Undersigned, Andrew R. Dale, Montlake Capital LLC, Montlake Capital Advisor II LLC, Montlake Capital II, L.P. and Montlake Capital II-B, L.P. hereby agree and acknowledge that the information required by this Statement of Schedule 13G, to which this Agreement is attached as an exhibit, is filed on behalf of each of them.

 

Date: June 5, 2019     By:  

/s/ Andrew R. Dale

      Andrew R. Dale
    Montlake Capital LLC
    By:  

/s/ Andrew R. Dale

      Andrew R. Dale
      Managing Director
    Montlake Capital Advisor II LLC
    By:  

/s/ Andrew R. Dale

      Andrew R. Dale
      Managing Director
    Montlake Capital II, L.P.
    By:  

/s/ Andrew R. Dale

      Andrew R. Dale
      Managing Director, Montlake Capital LLC, managing member of Montlake Capital Advisor II, LLC, general partner


    Montlake Capital II-B, L.P.
    By:  

/s/ Andrew R. Dale

      Andrew R. Dale
      Managing Director, Montlake Capital LLC, managing member of Montlake Capital Advisor II, LLC, general partner
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