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 4, 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 May 4, 1998, Coastal Bancorp, Inc. ("Coastal") announced that
Coastal Banc ssb (the "Bank") has executed a definitive agreement to purchase
the Valley Branches of Pacific Southwest Bank also known as San Benito Bank and
Trust Company, a unit of Pacific Southwest Bank. The purchase includes deposit
accounts of approximately $357 million, loans of $175 million, owned and leased
branch facilities, and branch furniture, fixtures and operating equipment.
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. 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.
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 May 4, 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: May 6, 1998
- -------------------------
by: Catherine N. Wylie, Executive Vice President
and Chief Financial Officer
<PAGE>
COASTAL BANCORP, INC.
EXHIBIT 99
PRESS RELEASE OF THE REGISTRANT DATED MAY 4, 1998
<PAGE>
NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. TO
PURCHASE THE VALLEY BRANCHES OF PACIFIC SOUTHWEST BANK
HOUSTON (May 4, 1998) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that it has executed a definitive agreement to
purchase the Valley Branches of Pacific Southwest Bank also known as San Benito
Bank and Trust Company, a unit of Pacific Southwest Bank. Coastal currently
has branches in the Rio Grande Valley located in Harlingen, San Benito and
McAllen. Twelve branches, located in Harlingen, San Benito, Mission, Pharr,
Edinburg, Brownsville, McAllen and South Padre will be added with this purchase.
The purchase includes deposit accounts of approximately $357 million, loans of
$175 million, owned and leased branch facilities, and branch furniture, fixtures
and operating equipment. 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 are excited and look forward for the opportunity to increase our
presence in the Rio Grande Valley and the surrounding communities," said Manuel
J. Mehos, Chairman and Chief Executive Officer of Coastal. "San Benito Bank and
Trust has maintained a significant presence in the Rio Grande Valley for many
years. This purchase will strengthen our ability to service our new and
existing customers in this area."
Customers will be notified as soon as possible to assure minimal
disruption as the ownership change takes place.
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
