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) JANUARY 5, 1999
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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 January 5, 1999 Coastal Bancorp, Inc. ("Coastal") announced that it has
completed the repurchase of 499,600 shares of its common stock under the
September 1, 1998 announced stock repurchase plan. The average repurchase price
of $15.57 approximates book value at November 30, 1998. In addition, on
December 31, 1998 the Board of Directors authorized an additional repurchase
plan for up to 500,000 shares of the outstanding shares of common stock through
an open-market repurchase program and privately negotiated repurchases, if any.
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 January 5, 1999
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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: January 12, 1999
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by: Catherine N. Wylie
Executive Vice President/
Chief Financial Officer
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COASTAL BANCORP, INC.
EXHIBIT 99
PRESS RELEASE OF THE REGISTRANT DATED JANUARY 5, 1999
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES COMPLETION OF ITS
INITIAL COMMON STOCK REPURCHASE PLAN
HOUSTON (January 5, 1999) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that it has completed the repurchase of 499,600
shares of its common stock under the September 1, 1998 announced stock
repurchase plan. The average repurchase price of $15.57 approximates book value
at November 30, 1998. In addition, on December 21, 1998 the Board of Directors
authorized an additional repurchase plan for up to 500,000 shares of the
outstanding shares of common stock through an open-market repurchase program and
privately negotiated repurchases, if any. Repurchases will be made 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.
"In light of the recent stock price movement, we see this additional
repurchase program as the best use of our cash at the present time 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.
"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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