COASTAL BANCORP INC
8-K, 2000-08-14
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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                       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)    JULY 31, 2000
                                                          ---------------


                              COASTAL BANCORP, INC.
                              ---------------------
               (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.)

<TABLE>

<CAPTION>



<S>                                                 <C>
5718 WESTHEIMER, SUITE 600, HOUSTON, TEXAS                    77057
--------------------------------------------------  ---------------
(Address of Principal executive offices)                 (Zip Code)


Registrant's telephone number including area code    (713) 435-5000
                                                    ---------------
</TABLE>



(Former  name  or  former  address,  if  changed since last report)          Not
                                                                             ---
applicable
     -----

<PAGE>

ITEM  5.          OTHER  EVENTS.
--------          --------------

     On  July  31, 2000 Coastal Bancorp, Inc. ("Coastal") announced that on July
27,  2000,  its  Board of Directors voted to increase the second quarter of 2000
common  stock  dividend  by  25%  over  the  previous  quarter's.  The $.10 cash
dividend  will  be  paid  on  September 15, 2000 to shareholders of record as of
August  15,  2000.  Future  dividend payments will be determined by the Board of
Directors  based  on  the  company's results of operations, financial condition,
general  economic  conditions  and  other  factors.

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.
---------

     (a)     Financial  Statements
             ---------------------

               No  financial  statements  are  required.

     (b)     Pro  Forma  Financial  Information
             ----------------------------------

               No  pro  forma  financial  information  is  required.

     (c)     Exhibits
             --------

               No.          Description
               ---          -----------
               99          Press  Release,  dated  July  31,  2000


<PAGE>


     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  14,  2000
     -------------------------
by:     Catherine  N.  Wylie
     Sr.  Executive  Vice  President/
     Chief  Financial  Officer


<PAGE>

                              COASTAL BANCORP, INC.




                                   EXHIBIT 99


               PRESS RELEASE OF THE REGISTRANT DATED JULY 31, 2000


<PAGE>


     NEWS  RELEASE

                              FOR IMMEDIATE RELEASE

   COASTAL BANCORP, INC. SECOND QUARTER CASH DIVIDENDS INCREASED BY 25 PERCENT

     HOUSTON  (July  31, 2000) - Coastal Bancorp, Inc. (NASDAQ:  CBSA) announced
today that on July 27, 2000, its Board of Directors voted to increase the second
quarter  of  2000 common stock dividend by 25% over the previous quarter's.  The
$.10  cash dividend will be paid on September 15, 2000 to shareholders of record
as of August 15, 2000.  Future dividend payments will be determined by the Board
of  Directors based on the company's results of operations, financial condition,
general  economic  conditions  and  other  factors.
     At  June  30, 2000, Coastal Bancorp, Inc. had total assets of $3.1 billion,
deposits  of  $1.6  billion,  preferred  stock (Series A) of Coastal Banc ssb of
$28.8  million,  Series A Cumulative Preferred Stock of $27.5 million and common
stockholders'  equity  of  $101.2  million.
     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.  You can visit the company's web site at www.coastalbanc.com (which is
not  a  part  of  this  press  release).
     "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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