Capital Bancorp, Inc. filed a current report on August 14, 2026, disclosing the dismissal of Elliott Davis, PLLC as its independent registered public accounting firm and the engagement of Crowe LLP for the fiscal year ending December 31, 2026.

Key Highlights

  • Auditor dismissed: Elliott Davis, PLLC was dismissed as Capital Bancorp's independent registered public accounting firm on August 14, 2026.
  • New auditor engaged: Crowe LLP was formally engaged to serve as independent registered public accounting firm for the fiscal year ending December 31, 2026.
  • Audit Committee approval: Both the dismissal and the selection of Crowe LLP were approved by the Audit Committee of the Board of Directors.
  • Clean prior audit reports: Elliott Davis, PLLC's reports on the 2025 and 2024 consolidated financial statements contained no adverse opinion, disclaimer, qualification, or modification.
  • Material weakness noted: The filing discloses a material weakness in internal control over financial reporting, previously reported in the Annual Report for the fiscal year ended December 31, 2025.
  • Prior Crowe engagement: Crowe LLP had previously been engaged in connection with Capital Bancorp's October 1, 2024 acquisition of Integrated Financial Holdings, Inc. for valuation services.

Capital Bancorp Cites Growth and Resources in Auditor Transition

Capital Bancorp, Inc. (NASDAQ:CBNK), a Maryland corporation headquartered at 2275 Research Boulevard, Suite 600, Rockville, Maryland, disclosed the change in its certifying accountant according to Item 4.01 of the current report. The Audit Committee determined, as the filing states, "to engage a larger independent registered public accounting firm with additional resources and industry specialization to support the Company's continued growth and expanding operations."

According to the filing, during the fiscal years ended December 31, 2025 and 2024, and through August 14, 2026, there were no disagreements with Elliott Davis, PLLC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The filing does note, however, that a material weakness in the company's internal control over financial reporting had been disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company reported that it provided Elliott Davis, PLLC with a copy of the relevant disclosures and requested a letter to the SEC confirming agreement with those statements; that letter, dated August 14, 2026, is filed as Exhibit 16.1.

The filing further discloses that prior to this engagement, neither the company nor anyone acting on its behalf consulted Crowe LLP regarding accounting principles or audit opinion matters covered by the current transition, with one exception: Crowe LLP was previously engaged in connection with the company's October 1, 2024 acquisition of Integrated Financial Holdings, Inc. for valuation of the loan portfolio, core deposit customer relationship intangible asset, certificates of deposit, customer relationships, trade name, assembled workforce, and Windsor Advantage, LLC entity. The current report was signed by Jacob Dalaya, Chief Financial Officer.

What Was Disclosed

Capital Bancorp, Inc. reported the dismissal of Elliott Davis, PLLC and the engagement of Crowe LLP as its new independent auditor for fiscal year 2026, with the change approved by its Audit Committee and no disagreements cited with the departing firm.