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 9, 1998
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COASTAL BANCORP, INC.
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(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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5718 WESTHEIMER, SUITE 600, HOUSTON, TEXAS . . . . 77057
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(Address of Principal executive offices) . . . . . (Zip Code)
Registrant's telephone number including area code. (713) 435-5000
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(Former name or former address, if changed since last report) Not applicable
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ITEM 5. OTHER EVENTS.
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On March 9, 1998, Coastal Banc ssb ("Coastal") announced that it has
successfully resolved an outstanding tax benefit issue with the Federal
Deposit Insurance Corporation. The resolution resulted in a one-time positive
income adjustment for Coastal of approximately $3.7 million or approximately
71 cents per share and an ongoing quarterly benefit of $226,406 or 4.3 cents
per share.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
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EXHIBITS.
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(a) Financial Statements
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No financial statements are required.
(b) Pro Forma Financial Information
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No pro forma financial information is required.
(c) Exhibits
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No. Description
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28(b) Press Release, dated March 9, 1998
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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 10, 1998
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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 9, 1998
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANC SSB SUCCESSFULLY RESOLVES FDIC TAX ISSUE
HOUSTON (March 9, 1998) - Coastal Banc ssb (NASDAQ: CBSA) ("Coastal")
announced today that it has successfully resolved an outstanding tax benefit
issue with the Federal Deposit Insurance Corporation ("FDIC") as Manager of
the Federal Savings and Loan Insurance Corporation Resolution Fund ("FRF").
The resolution of the issue resulted in a one-time positive income adjustment
for Coastal of approximately $3.7 million or approximately 71 cents per share
and an ongoing quarterly benefit of $226,406 or approximately 4.3 cents per
share calculated on approximately 5.2 million diluted shares outstanding as of
January 31, 1998. The one-time gain from this settlement will give Coastal
the opportunity to review and adjust certain balance sheet accounts during the
first quarter of 1998 which may result in less than all such one-time gain
being reflected in net income.
The tax issue dealt with the deductibility of items accruing to the FDIC
for certain tax benefits and arose out of differing interpretations of the Tax
Benefit Agreement dated March 31, 1994 which was developed in conjunction with
the early termination of Coastal's 1988 Southwest Plan Agreement.
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 37 branch offices in metropolitan Houston, Austin, Corpus
Christi and small cities in the south east quadrant of Texas. At December 31,
1997, Coastal Banc ssb was considered to be a "well capitalized" institution
according to FDIC guidelines.
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