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) AUGUST 17, 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
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applicable
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ITEM 5. OTHER EVENTS.
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On August 17, 1998 Coastal Bancorp, Inc. ("Coastal") announced that it
has completed the acquisition of the Valley Branches of Pacific Southwest Bank
also known as San Benito Bank and Trust Company, a unit of Pacific Southwest
Bank. Coastal, which previously had three branches in the Rio Grande Valley,
now has fifteen located in Harlingen, San Benito, Mission, Pharr, Edinburg,
Brownsville, McAllen and South Padre. The purchase includes deposit accounts of
approximately $350 million, net loans of $178 million, owned and leased branch
facilities, and branch furniture, fixtures and operating equipment. 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
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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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99 Press Release, dated August 17, 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: August 25, 1998
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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 AUGUST 17, 1998
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. FINALIZED THE ACQUISITION OF THE VALLEY
BRANCHES OF PACIFIC SOUTHWEST BANK
HOUSTON (August 17, 1998) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that it has completed the acquisition of the Valley
Branches of Pacific Southwest Bank also known as San Benito Bank and Trust
Company, a unit of Pacific Southwest Bank. Coastal, which previously had
three branches in the Rio Grande Valley, now has fifteen located in Harlingen,
San Benito, Mission, Pharr, Edinburg, Brownsville, McAllen and South Padre. The
purchase includes deposit accounts of approximately $350 million, net loans of
$178 million, owned and leased branch facilities, and branch furniture, fixtures
and operating equipment.
"We look forward to the privilege of serving our new and existing
customers in the Rio Grande Valley by adding these twelve locations," 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 and we are excited about the opportunity to expand our presence
in this area."
At June 30, 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 $114.75 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 49 branch offices in metropolitan Houston, Austin, Corpus Christi,
the Rio Grande Valley and small cities in the south east quadrant of Texas. At
June 30, 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.
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