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) APRIL 27, 1998
--------------
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.)
<TABLE>
<CAPTION>
<S> <C>
5718 WESTHEIMER, SUITE 600, HOUSTON, TEXAS . . . . 77057
- -------------------------------------------------- ---------------
(Address of Principal executive offices) . . . . . (Zip Code)
Registrant's telephone number including area code. (713) 435-5000
---------------
</TABLE>
(Former name or former address, if changed since last report) Not
---
applicable
-----
<PAGE>
ITEM 5. OTHER EVENTS.
- -------- --------------
On April 27, 1998, the Board of Directors of Coastal Bancorp, Inc.
declared a 3:2 stock split to be paid on June 15, 1998 to stockholders of record
on May 15, 1998.
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 27, 1998
<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: April 28, 1998
- -------------------------
by: Catherine N. Wylie, Executive Vice President
and Chief Financial Officer
<PAGE>
COASTAL BANCORP, INC.
EXHIBIT 99
PRESS RELEASE OF THE REGISTRANT DATED APRIL 27, 1998
<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES STOCK SPLIT
HOUSTON (April 27, 1998) - Coastal Bancorp, Inc. (NASDAQ: CBSA) (the "
Company") announced today that its Board of Directors at their meeting on April
23, 1998 declared a three-for-two {3:2} stock split on the common stock of the
Company payable on June 15, 1998 to the stockholders of record at the close of
business on May 15, 1998.
In announcing the stock split, Manuel J. Mehos, Chairman of the Board and
Chief Executive Officer of Coastal, noted that this action was taken in light of
the Company's results over the past several years, the recent increase in the
stock price and to provide greater liquidity in the Company's shares. On April
15, 1998, the Company reported net income available to common shareholders of
$5.9 million for the quarter ended March 31, 1998. Diluted earnings per share
for the quarter were $1.14 compared to $0.63 for the same period last year.
At March 31, 1998, on a consolidated basis, Coastal had $3.0 billion in
total assets, $1.4 billion in total deposits, $28.8 million in preferred stock
of Coastal Banc ssb and $110.5 million in common stockholders' equity.
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, Austin, Corpus Christi
and small cities in the south east quadrant of Texas. At March 31, 1998,
Coastal Banc ssb was considered to be a "well capitalized" institution according
to FDIC guidelines.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts contain forward looking information with respect to plans, projections or
future performance of the Company, the occurrence of which involve certain risks
and uncertainties detailed in the Company's filings with the Securities and
Exchange Commission.
template1
