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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) January 28, 1997
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COAST BANCORP
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(Exact name of registrant as specified in its charter)
California 001-12253 77-0401327
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
740 Front Street, Santa Cruz, California 95060
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(Address of principal executive offices)
Registrant's telephone number, including area code (408) 458-4501
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Not applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
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In a Press Release dated January 31, 1997, Coast Bancorp (the "Company")
announced that its Board of Directors had approved a plan to repurchase up to
66,290 shares of the Company's Common Stock representing approximately 3% of
its outstanding shares. The Common Stock will be purchased from time to time
in open market transactions.
The Company previously had a stock repurchase program which ended in
April, 1996 pursuant to which it purchased 68,340 shares of its Common Stock
or 3% of its outstanding shares.
On January 28, 1997, the Company also announced record earnings for the
year ended December 31, 1996 of $4,128,000 or $1.85 per share as compared to
$3,149,000 or $1.38 per share in 1995. Total assets at December 31, 1996 were
$236,915,000.
The Company also announced a cash dividend of 11 1/2 cents per share to
be paid to shareholders of record as of February 13, 1997 payable on February
28, 1997. This is an increase over the quarterly cash dividends of 10 cents
per share which was paid in 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) 99.1 Press Release date January 28, 1997.
99.2 Press Release date January 28, 1997.
99.3 Press Release date January 31, 1997.
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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.
COAST BANCORP
Dated: February 7, 1997 /s/ Bruce H. Kendall
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Bruce H. Kendall, Senior Vice President
and Chief Financial Officer
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[LETTERHEAD]
Editorial Contact:
Mary Anne Carson
Assistant Vice President
Tel. (408) 458-4501 ext. 2012
Fax (408) 458-0460
FOR IMMEDIATE RELEASE
COAST BANCORP, HOLDING COMPANY FOR
COAST COMMERCIAL BANK
REPORTS RECORD EARNINGS FOR 1996
EARNINGS INCREASE 31%
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12-31-96 HIGHLIGHTS:
- TOTAL ASSETS OF $237 MILLION, UP 14% OVER YEAR-END 1995, $29 MILLION INCREASE
- TOTAL DEPOSITS OF $185 MILLION, UP 13% OVER YEAR-END 1995, $21 MILLION
INCREASE
- TOTAL LOANS OF $124 MILLION, UP 16% OVER YEAR-END 1995, $16 MILLION INCREASE
- NET INCOME OF $4,128,000 FOR THE BANK'S 15TH YEAR OF OPERATION
- FOURTH QUARTER 1996 NET INCOME OF $1,041,000
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Santa Cruz, California, January 28, 1997 -- Coast Bancorp (OTC: CTBP), parent
company of Coast Commercial Bank, today announced record earnings for the
period ended December 31, 1996, marking its fifteenth operating year in Santa
Cruz County. Annual income for 1996 was $4,128,000 or $1.85 per share as
compared to 1995 earnings of $3,149,000 or $1.38 per share. Net income for
the fourth quarter was $1,041,000 or $0.47 per share, a 20% increase over the
same period in 1995 of $864,000 or $0.38 per share.
Total assets at December 31, 1996 were $236,915,000, total deposits were
$185,468,000 and total loans were $123,722,000. Total assets increased by
14%, total deposits increased by 13% and net loans increased by 16% over the
same period in 1995.
President and CEO of Coast Bancorp and Coast Commercial Bank, Harvey J.
Nickelson concluded, "We are extremely pleased with our 1996 results. Our
successful performance reflects significant increases in SBA revenues, as well
as quality growth in our loan and deposit portfolios."
Based in Santa Cruz California as the only locally owned and operated
community bank with headquarters in Santa Cruz, Coast Commercial Bank operates
five branches in Santa Cruz County located in Santa Cruz, Aptos, Scotts
Valley and Watsonville.
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[LETTERHEAD]
Editorial Contact:
Mary Anne Carson
Assistant Vice President
Tel. (408) 458-4501 ext. 2012
Fax (408) 458-0460
FOR IMMEDIATE RELEASE
COAST BANCORP, HOLDING COMPANY FOR
COAST COMMERCIAL BANK
ANNOUNCES INCREASE
IN CASH DIVIDEND
Santa Cruz, California, January 28, 1997 -- Coast Bancorp (OTC: CTBP), parent
company for Coast Commercial Bank, announced Monday that a $0.115 (eleven and
a half cents) per share cash dividend be paid to shareholders of record as of
February 13, 1997. The payable date of the dividend has been set for February
28, 1997. This is an 15% increase over the four quarterly dividends of $0.10
(ten cents) per share paid to shareholders during 1996. This is the fourth
consecutive year that the company has increased its quarterly cash dividend
to shareholders.
"The decision by the Board of Directors to increase our quarterly cash
dividend is clearly reflective of our 1996 performance and punctuates the
momentum we will strive to sustain throughout 1997," stated President and
CEO, Harvey J. Nickelson.
Coast Bancorp recently posted record earnings for the 1996 operating year.
Annual income for 1996 was $4,128,000 or $1.85 per share as compared to 1995
earnings of $3,149,000 or $1.38 per share. At December 31, 1996 total assets
for Coast Bancorp were $237 million, total deposits were $185 million and
total loans were $124 million. Over the same period in 1995, total assets
increased by 14%, total deposits increased by 13% and net loans increased by
16%.
Based in Santa Cruz California as the only locally owned and operated
community bank with headquarters in Santa Cruz, Coast Commercial Bank
operates five branches located throughout the county in Santa Cruz, Aptos,
Scotts Valley and Watsonville.
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[LETTERHEAD]
January 31, 1997
Editorial Contact:
Mary Anne Carson
Assistant Vice President
Tel: (408) 458-4501 ext. 2012
Fax: (408) 458-0460
FOR IMMEDIATE RELEASE
COAST BANCORP
ANNOUNCES STOCK REPURCHASE
PROGRAM
Santa Cruz, California, January 31, 1997, Coast Bancorp (OTC: CTBP),
parent company of Coast Commercial Bank, today announced that its Board of
Directors approved a stock repurchase plan to repurchase up to 66,290 shares
or 3% of its outstanding Common Stock, no par value, from time to time in
open market transactions.
Coast Bancorp's prior stock repurchase program which ended April, 1996
resulted in the repurchase of 68,340 shares of its Common Stock.
President and CEO of Coast Bancorp and Coast Commercial Bank, Harvey J.
Nickelson said, "This second stock repurchase program reflects our continuing
belief in the value of our stock and continues our program to increase
shareholder value."
Coast Commercial Bank is the only locally owned and operated community
bank with headquarters in Santa Cruz, California and operates five branches
in Santa Cruz County located in Santa Cruz, Aptos, Scotts Valley and
Watsonville.
