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 15, 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 March 2, 1999 Coastal Bancorp, Inc. ("Coastal") announced that it has
completed the repurchase of an additional 500,000 shares of its common stock
under the December 21, 1998 stock repurchase plan. The average repurchase price
was $16.13 which approximates book value. In addition, on February 25, 1999 the
Board of Directors authorized the extension of the repurchase plan for up to an
additional 500,000 shares. The outstanding shares of common stock will be
purchased through an open 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: March 15, 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 MARCH 2, 1999
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES COMPLETION OF ITS
SECOND COMMON STOCK REPURCHASE PLAN
HOUSTON (March 2, 1999) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that it has completed the repurchase of an
additional 500,000 shares of its common stock under the December 21, 1998
announced stock repurchase plan. The average repurchase price was $16.13 which
approximates book value. In addition, on February 25, 1999, the Board of
Directors authorized the extension of the repurchase plan for up to an
additional 500,000 shares. The outstanding shares of common stock will be
purchased 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 upon
market conditions.
"In view of the current stock price, the repurchase of our common stock
continues to be the best use of our cash at the present time. This opportunity
allows us 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 50 branch offices in metropolitan Houston, Austin, Corpus Christi,
the Rio Grande Valley and small cities in the southeast 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 Coastal, the occurrence of which involve certain risks and
uncertainties detailed in Coastal's filings with the Securities and Exchange
Commission.
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