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) MARCH 12, 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 March 12, 1997, Coastal Bancorp, Inc. ("Coastal") announced that
Coastal Banc ssb (the "Bank") has executed a definitive agreement to purchase
the Wells Fargo Bank branch located at 441 Austin Avenue in Port Arthur,
Texas. Coastal through its wholly-owned subsidiary, Coastal Banc Holding
Company, Inc., owns 100% of the voting stock of the Bank, a Texas-chartered
state savings bank headquartered in Houston. The purchase includes deposit
accounts of approximately $74 million, the owned facility, branch furniture,
fixtures and other fixed assets. Consummation of the proposed transaction,
which is expected in the third quarter, is contingent upon the approval of the
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 March 12, 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: March 18, 1997
by: Catherine N. Wylie, Executive Vice President
and Chief Financial Officer
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COASTAL BANCORP, INC.
EXHIBIT 28(B)
PRESS RELEASE OF THE REGISTRANT DATED MARCH 12, 1997
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FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. SIGNS A DEFINITIVE AGREEMENT TO
PURCHASE WELLS FARGO BANK BRANCH IN PORT ARTHUR
HOUSTON (March 12, 1997) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that it has executed a definitive agreement to
purchase the Wells Fargo Bank branch located at 441 Austin Avenue in Port
Arthur, Texas.
The purchase includes deposit accounts of approximately $74 million the
owned branch facility, branch furniture, fixtures and other fixed assets.
Consummation of the proposed transaction, which is expected in the third
quarter, is contingent upon the approval by bank regulatory authorities and
other customary closing conditions.
"We look forward to the opportunity to serve our new customers in the
City of Port Arthur and the surrounding communities," said Manuel J. Mehos,
Chairman and Chief Executive Officer of Coastal. "This purchase will
represent our entry into the Golden Triangle area, which is a very attractive
market to us given the comparability of the market to the communities we
currently serve."
"The decision to sell was difficult," said Joe Stiglich, Executive Vice
President of Wells Fargo. "However, this branch is located in a community
isolated from access to our network of Wells Fargo retail outlets, such as
in-store branches, banking centers, ATMs and traditional outlets. We
therefore cannot deliver the advantages of our anytime-anywhere-banking
strategy to this community. Rather than offer limited services, we believe
these communities would be better served by local ownership where banking can
continue to be delivered as it is today."
Customers will be notified as soon as possible to assure minimal
disruption as the ownership change takes place.
At December 31, 1996, Coastal had total assets of approximately $2.9
billion, deposits of approximately $1.3 billion, preferred stock (Series A) of
Coastal Banc ssb of approximately $28.8 million and total common stockholders'
equity of approximately $94.1 million.
Coastal Bancorp, Inc., through its wholly-owned subsidiary, Coastal Banc
Holding Company, Inc., owns 100 percent of the voting stock of Coastal Banc
ssb, a Texas-chartered, state savings bank headquartered in Houston. Coastal
Banc ssb operates 37 branch offices in metropolitan Houston, Corpus Christi,
Austin and small cities in central and south Texas. At December 31, 1996,
Coastal Banc ssb was considered to be a "well capitalized" institution
according to FDIC guidelines.
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