UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K
                                 CURRENT REPORT


     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported): July 28, 2004


                          COASTAL FINANCIAL CORPORATION
                          -----------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                       0-19684                57-0925911
         --------                     -----------            ------------
(State or other jurisdiction          (Commission           (IRS Employer
of incorporation)                     File Number)           Identification No.)


               2619 Oak Street, Myrtle Beach, South Carolina 29577
               ---------------------------------------------------
                    (Address of principal executive offices)


                                 (843) 205-2000
                                 --------------
              (Registrant's telephone number, including area code)


                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)






Item 1.  Changes in Control of Registrant

         Not applicable.

Item 2.  Acquisition or Disposition of Assets

         Not applicable.

Item 3.  Bankruptcy or Receivership

         Not applicable.

Item 4.  Changes in Registrant's Certifying Accountant

         Not applicable.

Item 5.  Other Events

         Not applicable.

Item 6.  Resignations of Registrant's Directors

         Not applicable.

Item 7.  Financial Statements and Exhibits

          (a)  Financial statements of businesses acquired: Not applicable

          (b)  Pro forma financial information: Not applicable

          (c)  Exhibits:

               Exhibit 99.1 Registrant's press release dated July 28, 2004

Item 8.  Change in Fiscal Year

         Not applicable.

Item 9.  Regulation FD Disclosure

         Not applicable.





Item 10. Amendments to the Registrant's Code of Ethics, or Waiver of a Provision
         of the Code of Ethics

         Not applicable.

Item 11. Temporary Suspension of Trading Under Registrant's Employee Benefit
         Plans

         Not applicable.

Item 12. Results of Operations and Financial Condition

     On July 28, 2004, the Registrant issued a press release announcing its
earnings for the third quarter of fiscal year 2004, which ended on June 30,
2004. A copy of the press release is attached as Exhibit 99.1 and incorporated
by reference in response to this Item 12.








                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                           COASTAL FINANCIAL CORPORATION



Dated:    July 29, 2004                By:
                                           /s/ Michael C. Gerald
                                           -------------------------------------
                                           Michael C. Gerald
                                           President and Chief Executive Officer