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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) April 22, 1997
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 April 22, 1997, Coast Bancorp (the "Company")
announced earnings for the first quarter ended March 31, 1997 of $1,166,000 or
$0.52 per share as compared to $1,019,000 or $0.45 per share in 1996. Total
assets at March 31, 1997 were $239,058,000.
On April 23, 1997, the Company also announced a cash dividend of 11 1/2
cents per share to be paid to shareholders of record as of May 8, 1997 payable
on May 28, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) 99.1 Press Release date April 22, 1997
99.2 Press Release date April 23, 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 April 25, 1997 /s/ Bruce H. Kendall
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Bruce H. Kendall, Senior Vice President
and Chief Financial Officer
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[LETTERHEAD]
COAST BANCORP
HOLDING COMPANY FOR
COAST COMMERCIAL BANK
ANNOUNCES FIRST QUARTER RESULTS
Earnings Increase 14%
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3/31/97 HIGHLIGHTS
* TOTAL ASSETS OF $239 MILLION, UP 13% OVER THE SAME PERIOD IN 1996.
* TOTAL DEPOSITS OF $187 MILLION, UP 14% OVER THE SAME PERIOD IN 1996.
* NET INCOME OF $1,166,000, UP 14% OVER FIRST QUARTER IN 1996.
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Santa Cruz, California, April 22, 1997 --- Coast Bancorp (NASDAQ: CTBP), holding
company of Coast Commercial Bank in Santa Cruz County, today announced record
earnings for the first quarter ended March 31, 1997. Net income for the first
quarter of 1997 was $1,166,000 or $ 0.52 earnings per share, a 14% increase over
the same period in 1996 of $1,019,000 or $0.45 per share.
Total assets at quarter end increased by 13% to $239 million, total deposits
increased by 14% to $187 million and total loans increased by 4% to $119
million.
Coast Commercial Bank was recently recognized as one of only two banks in
California to be named a "Super Premier Performer" by Findley Reports for the
last eight consecutive years based upon 1996 operating results.
Coast Bancorp is the holding company for Coast Commercial Bank, the only
locally owned bank with headquarters in Santa Cruz County. The company's
common stock is traded on the NASDAQ National Market under the symbol: CTBP.
Coast Commercial Bank operates branches located in Watsonville, Aptos, Santa
Cruz and Scotts Valley.
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Editorial Contact: April 22, 1997
Mary Anne Carson
Assistant Vice President
tel. (408) 458-4501 ext. 2012
fax (408) 458-0460
740 FRONT STREET
SUITE 240
SANTA CRUZ, CA 95060
408.458.4500
FAX 458.0460
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[LETTERHEAD]
COAST BANCORP
HOLDING COMPANY FOR
COAST COMMERCIAL BANK
ANNOUNCES CASH DIVIDEND
Santa Cruz, California, April 23, 1997 -- Coast Bancorp (NASDAQ : CTBP), holding
company of Coast Commercial Bank in Santa Cruz County, today announced that a
$0.115 (eleven and a half cent) dividend will be paid to shareholders of record
as of May 8, 1997. The payable date of the dividend is May 28, 1997.
Coast Bancorp posted record earnings for the first quarter ended March 31, 1997.
Net income for the first quarter of 1997 was $1,166,000 or $0.52 earnings per
share, a 14% increase over the same period in 1996 of $1,1019,000 or $0.45 per
share.
Coast Commercial Bank was recently recognized as one of only two banks in
California to be named a "Super Premier Performer" by Findley Reports for the
last eight consecutive years based upon 1996 operating results.
Coast Bancorp is the holding company for Coast Commercial Bank, the only locally
owned bank with headquarters in Santa Cruz County. The company's common stock
is traded on the NASDAQ National Market under the symbol : CTBP. Coast
Commercial Bank operates branches located in Watsonville, Aptos, Santa Cruz and
Scotts Valley.
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Editorial Contact: April 23, 1997
Mary Anne Carson
Assistant Vice President
tel. (408) 458-4501 ext. 2012
fax (408) 458-0460
740 FRONT STREET
SUITE 240
SANTA CRUZ, CA 95060
408.458.4500
FAX 458.0460
