<PAGE>
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) MAY 13, 1996
COASTAL BANCORP, INC.
(Exact name of registrant as specified in charter)
TEXAS 0-24526 76-0428727
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
#8 GREENWAY PLAZA, SUITE 1500, HOUSTON, TEXAS 77046
(Address of Principal executive offices) (Zip Code)
Registrant's telephone number including area code (713) 623-2600
(Former name or former address, if changed since last report) Not applicable
<PAGE>
ITEM 5. OTHER EVENTS.
On May 8, 1996, Coastal Bancorp, Inc. ("Coastal") announced that its
subsidiary Coastal Banc ssb, and Compass Bank - San Antonio have
executed definitive agreements to exchange certain branch locations.
Coastal Banc will sell its three San Antonio branches having deposits
of approximately $58.0 million to Compass and will purchase the
Compass Bay City Branch having deposits of approximately $86.0
million. Consummation of the proposed transactions which is expected
to occur late in the third quarter, is contingent upon the approval by
bank regulatory authorities and other customary closing conditions.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements
No financial statements are required.
(b) Pro Forma Financial Information
No pro forma financial information is required.
(c) Exhibits
No. Description
--- -----------
28(b) Press Release, dated May 8, 1996
<PAGE>
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 BANCORP, INC.
/s/ Catherine N. Wylie Date: May 13, 1996
- - ------------------------------------
by: Catherine N. Wylie,
Executive Vice President
and Chief Financial Officer
<PAGE>
COASTAL BANCORP, INC.
EXHIBIT 28(B)
PRESS RELEASE OF THE REGISTRANT DATED MAY 8, 1996
<PAGE>
COASTAL BANC SSB SIGNS AGREEMENT
TO ACQUIRE COMPASS BAY CITY BRANCH
HOUSTON (May 8, 1996)--Coastal Banc ssb ("Coastal Banc") (NASDAQ: CBSAP), the
direct subsidiary of Coastal Bancorp, Inc. ("Coastal") (NASDAQ: CBSA), and
Compass Bank-San Antonio ("Compass"), announced today that they have executed
definitive agreements to exchange certain branch locations. Coastal Banc will
sell its three San Antonio branches having deposits of approximately $58.0
million to Compass and will purchase the Compass Bay City Branch having deposits
of approximately $86.0 million, located at 1100 7th Street, Bay City, Texas.
Consummation of the proposed transactions, which is expected late in the third
quarter, is contingent upon the approval by bank regulatory authorities and
other customary closing conditions.
"We welcome the opportunity to be in Bay City and look forward to serving
our new customers. We appreciate the past support our customers in the San
Antonio area have provided" said Manuel J. Mehos, Chairman and Chief Executive
Officer of Coastal. "This acquisition will further expand our market presence in
small to mid-sized cities in southeast Texas. In addition, Bay City is a very
attractive market for us because it is comparable to the communities we
currently serve."
At March 31, 1996, on a consolidated basis, Coastal had $2.8 billion in
total assets, $1.3 billion in total deposits, $28.8 million in preferred stock
of Coastal Banc and $93.0 million in common stockholders' equity.
Coastal is the holding company for and owns 100 percent of the voting stock
of Coastal Banc, a Texas-chartered, federally insured savings bank headquartered
in Houston. Coastal Banc operates 40 branch offices in metropolitan Houston,
Corpus Christi, San Antonio and small cities in central and south Texas.
