Pamela R. Unger
COASTAL FINANCIALAbout Pamela R. Unger
Pamela R. Unger, age 40, has served as an independent director of Coastal Financial Corporation (CCB) since 2021, with her current term expiring in 2027. A Certified Public Accountant, she is the Chief Operating Officer at Julien Unger & Associates, PLLC (since January 2024) and previously held senior tax and fund administration roles at Belltower Fund Group and PwC. She holds a bachelor’s degree in business and a master’s in tax from the University of Washington, bringing significant accounting and asset management tax expertise to CCB’s board .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| PwC | Various roles; most recently Tax Manager | Sep 2007 – Jan 2019 | Asset management sector focus; venture capital, private equity, foreign investing in/outbound compliance |
| Belltower Fund Group, Ltd. | Tax Director | Jan 2019 – Aug 2020 | Seattle-based fund administrator for >20,000 VC funds on AngelList platform |
| Belltower Fund Group, Ltd. | Managing Director | Sep 2020 – Jan 2024 | Senior leadership in fund administration |
| Julien Unger & Associates, PLLC | Chief Operating Officer | Jan 2024 – Present | Bellevue-based public accounting firm specializing in tax planning and compliance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Julien Unger & Associates, PLLC | Chief Operating Officer | Jan 2024 – Present | Operational leadership at tax-focused accounting firm |
| Belltower Fund Group, Ltd. | Managing Director | Sep 2020 – Jan 2024 | Led fund admin for AngelList VC funds; investor tax inquiries |
| PwC | Tax Manager (most recent) | To Jan 2019 | Asset management tax; venture and PE clients |
No other public company board roles are disclosed for Ms. Unger in the proxy .
Board Governance
- Independence: The Board determined all directors are independent except CEO Eric M. Sprink, CCBX President Brian T. Hamilton, and director Christopher D. Adams; Ms. Unger is independent under Nasdaq standards .
- Committee assignments (as of March 19, 2025):
- Audit Committee: Member (15 meetings in 2024; Chair: Michael R. Patterson) .
- Governance & Nominating Committee: Member (1 meeting in 2024; Chair: Thomas D. Lane) .
- Attendance: Board held 11 meetings in 2024; no director attended fewer than 75% of Board and key committee meetings on which they served (includes Audit, Compensation, Governance & Nominating) .
- Audit oversight: Audit Committee responsibilities include auditor oversight, financial reporting integrity, internal audit performance, and risk management policies . Audit Committee report names Ms. Unger among members recommending inclusion of audited financials and ratification of Moss Adams LLP for FY2025 .
- Board leadership: Roles of CEO and Chair separated (CEO: Eric M. Sprink; Chair: Christopher D. Adams) .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 42,917 | 60,033 | 102,949 |
- Non-employee directors received approx. $43,000 annual cash; committee chairs received an additional $5,000 per chaired committee (Ms. Unger is not a chair) .
- Cash reflects service and attendance; equity is restricted stock granted annually .
Performance Compensation
| Year | Award Type | Grant Timing | Shares (Unvested at 12/31/24) | Grant-Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|---|
| 2024 | Restricted Stock | Granted in May 2024 | 1,375 | 60,033 | 100% vest one day prior to next Annual Meeting; rounded to whole shares |
- No options or PSUs for directors disclosed; director equity is time-based restricted stock (no performance metrics attached) .
Other Directorships & Interlocks
- Public company directorships: None disclosed for Ms. Unger .
- Notable board interlocks at CCB include director Christopher D. Adams’ law firm providing legal services to the Company ($971,000 in 2024), but this involves Mr. Adams, not Ms. Unger .
Expertise & Qualifications
- Certified Public Accountant (CPA); deep tax planning/compliance expertise for venture funds and asset management .
- Experience across VC fund administration and Big Four tax with foreign investment compliance focus .
- Educational credentials: University of Washington bachelor’s in business and master’s in tax .
- Committee-relevant skills: accounting and financial reporting; participates on Audit and Governance & Nominating Committees .
Equity Ownership
| As of | Total Beneficial Shares | % of Class | Directly Owned | Unvested Restricted Stock | Pledged? |
|---|---|---|---|---|---|
| Mar 19, 2025 | 4,087 | <1% | 2,712 | 1,375 | None indicated (Company notes none pledged unless stated) |
- Beneficial ownership based on 15,007,465 shares outstanding; directors/officers as a group held 14.10% .
- Insider trading policy prohibits hedging/speculative trading and generally prohibits pledging, with limited exceptions subject to financial capacity; pre-clearance required for Section 16 insiders .
Governance Assessment
- Independence and committee engagement: Ms. Unger is independent, serves on Audit and Governance & Nominating, and met the Company’s attendance threshold (≥75%) for Board and key committees, supporting board effectiveness and oversight credibility .
- Pay and alignment: 2024 director compensation tilt toward equity (restricted stock $60,033 vs. cash $42,917), with time-based vesting that aligns retention and shareholder value across the annual cycle; however, absolute ownership remains modest (<1% of shares outstanding) .
- Conflicts: No related-party transactions disclosed involving Ms. Unger; Company’s related-party framework requires Board approval and market terms, and aggregate related party loans (to directors/officers/families/affiliates) were $12.6 million with $3.9 million deposits at 12/31/24, none classified as nonaccrual/past due/restructured/potential problem; these are ordinary banking relationships, not specifically linked to Ms. Unger .
- Risk indicators and policies: Robust Audit Committee oversight (independent auditor ratification; independence discussions) and standing clawback policy for executives; insider trading policy includes anti-hedging and restricted trading windows, reducing governance risk exposure. Note: Audit financial expert designation is held by Michael R. Patterson, not Ms. Unger .
- RED FLAGS: None identified for Ms. Unger—no pledging, no disclosed related-party transactions, independent status, and adequate attendance. The Company does disclose a significant related-party legal spend with another director (Adams), which does not directly implicate Ms. Unger but is a board-level consideration for overall governance optics .