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
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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 July 31, 2000 Coastal Bancorp, Inc. ("Coastal") announced that the Board
of Directors has authorized the repurchase of up to 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 July 31, 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.
Date: August 14, 2000
by: /s/ 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 JULY 31, 2000
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NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. ANNOUNCES AUTHORITY FOR A FIFTH COMMON STOCK REPURCHASE
PLAN
HOUSTON (July 31, 2000) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
("Coastal") announced today that the Board of Directors has authorized the
repurchase of up to 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.
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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