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 5, 1997
COASTAL BANCORP, INC.
(Exact name of registrant as specified in charter)
TEXAS 0-24526 76-0428727
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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#8 GREENWAY PLAZA, SUITE 1500, HOUSTON, TEXAS 77046
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number including area code (713) 623-2600
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(Former name or former address, if changed since last report) Not applicable
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ITEM 5. OTHER EVENTS.
On April 24, 1997, Coastal Bancorp, Inc. declared a cash dividend of
$.12 per share on its common stock for the first quarter of 1997 to
shareholders of record on May 15, 1997, payable on June 15, 1997. The
dividend declared is an increase of twenty percent (20%) from dividends paid
previously.
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
99 Press Release, dated April 28, 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.
COASTAL BANCORP, INC.
/s/ Catherine N. Wylie Date: May 5, 1997
by: Catherine N. Wylie, Executive Vice President
and Chief Financial Officer
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COASTAL BANCORP, INC.
EXHIBIT 99
PRESS RELEASE OF THE REGISTRANT DATED APRIL 28, 1997
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COASTAL BANCORP, INC.
8 Greenway Plaza, Suite 1500
Houston, Texas 77046
For More Information, Contact
Manuel J. Mehos, CEO
Catherine N. Wylie, CFO
(713) 623-2600
(713) 966-4660 (Fax)
email: [email protected]
NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC.
FIRST QUARTER CASH DIVIDENDS INCREASED BY 20 PERCENT
HOUSTON (April 28, 1997) - Coastal Bancorp, Inc. (NASDAQ: CBSA) announced
today that on April 24, 1997, its Board of Directors voted to increase the
first quarter of 1997 common stock dividend by 20% over the prior quarter.
The $.12 cash dividend will be paid on June 15, 1997 to shareholders of record
as of May 15, 1997. Future dividend payments will be determined by the Board
of Directors based on the Company's results of operations, financial
condition, general economic conditions and other factors.
Coastal Bancorp, Inc. owns, through its wholly-owned subsidiary, Coastal
Banc Holding Company, Inc., 100 percent of the voting stock of Coastal Banc
ssb, a Texas-chartered, state savings bank headquartered in Houston. Coastal
Banc ssb operates 36 branch offices in metropolitan Houston, Corpus Christi,
Austin and small cities in central and south Texas. At March 31, 1997,
Coastal Bancorp, Inc. had assets of approximately $2.9 billion.
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