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) MAY 8, 2000
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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 May 1, 2000 Coastal Bancorp, Inc. ("Coastal") announced that it has
completed the repurchase of an additional 500,000 shares of its common stock
under the repurchase plan announced on February 25, 1999. The average
repurchase price was $15.91 which approximates 96% of book value at March 31,
2000. This is the third repurchase authorization of 500,000 shares each since
September of 1998. The average repurchase price for the three plans was $15.87
or 95% of book value at March 31, 2000.
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 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 May 1, 2000
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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: May 8, 2000
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by: Catherine N. Wylie
Sr. Executive Vice President/
Chief Financial Officer
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COASTAL BANCORP, INC.
EXHIBIT 99
PRESS RELEASE OF THE REGISTRANT DATED MAY 1, 2000
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES COMPLETION OF ITS
THIRD COMMON STOCK REPURCHASE PLAN AND AUTHORITY FOR A FOURTH PLAN
HOUSTON (May 1, 2000) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that it has completed the repurchase of an
additional 500,000 shares of its common stock repurchase plan announced on
February 25, 1999. The average repurchase price was $15.91 which approximates
96% of book value at March 31, 2000. This is the third repurchase authorization
of 500,000 shares each since September of 1998. The average repurchase price
for the three plans was $15.87 or 95% of book value at March 31, 2000.
In addition, on April 27, 2000, 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.
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 FDIC insured, 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 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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