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) SEPTEMBER 14, 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 September 1, 1998 Coastal Bancorp, Inc. ("Coastal") announced that the
Board of Directors has authorized the repurchase of up to 6.6% (approximately
500,000 shares) of the outstanding shares of common stock through an open-market
repurchase program and privately negotiated repurchases, if any, from time to
time when deemed appropriate by the Chief Executive Officer and Chief Financial
Officer of Coastal. The timing and volume of the repurchase transactions will
depend on market 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
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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 September 1, 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: September 14, 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 SEPTEMBER 1, 1998
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES COMMON STOCK REPURCHASE PLAN
HOUSTON (September 1, 1998) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that the Board of Directors has authorized the
repurchase of up to 6.6% (approximately 500,000 shares) of the outstanding
shares of common stock through an open-market repurchase program and privately
negotiated repurchases, if any, from time to time when deemed appropriate by the
Chief Executive Officer and Chief Financial Officer of Coastal. The timing and
volume of the repurchase transactions will depend on market conditions.
"The willingness to repurchase our common stock is indicative of our strong
belief in Coastal's continued success. In light of the recent stock price
movement, we see this as a beneficial use of cash and an opportunity to
strengthen our investment in Coastal's future," said Manuel J. Mehos, Chairman
and Chief Executive Officer.
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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