Coastal Financial is making two executive changes as part of a broader effort to improve profitability and reduce operating costs. CCBX President Brian Hamilton is moving to a temporary consulting role after the technology and infrastructure work he led had progressed, while Chief Executive Eric Sprink is taking a voluntary pay cut.
- Hamilton will leave his operating roles but remain on the board. He will stop serving as CCBX president and resign from his other positions at Coastal Financial, Coastal Community Bank and their subsidiaries. He will remain a company director and consultant.
- His consulting assignment runs through May 1, 2027. Hamilton will provide strategic advice and business-development services to Sprink on an as-needed basis. He will receive $35,000 a month, with total fees capped at $245,000.
- Sprink’s annual base salary is cut by $374,000. Effective October 28, his salary fell from $874,000 to $500,000—about a 43% reduction. The company said Sprink volunteered for the change, which the board approved.
- Both moves are part of the company’s cost-reduction and operational-efficiency efforts. The company described Hamilton’s transition as reflecting the progress of the technology and infrastructure initiatives he was hired to lead, which no longer required his day-to-day oversight.
The changes reduce Sprink’s annual base salary and end Hamilton’s full-time executive responsibilities, while retaining Hamilton in an advisory capacity for a limited period. His consulting fees are capped at $245,000.