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) FEBRUARY 14, 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 February 1, 2000, Coastal Bancorp, Inc. declared a quarterly cash dividend of
$0.08 per share on its common stock. At the same meeting dividends were
declared for its 9.0% Non-cumulative Preferred Stock Series A (NASDAQ: CBSAP)
of Coastal Banc ssb and its 9.12% Cumulative Preferred Stock Series A (NASDAQ:
CBSAO). Dividends on the common and the 9.0% Preferred are payable on March 15,
2000 to shareholders of record on February 15, 2000. Dividends for the 9.12%
Preferred will be paid on March 31, 2000 to shareholders of record as of March
15, 2000.
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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99 Exhibit 11(a) - Press Release
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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: February 14, 2000
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by: Catherine N. Wylie
Sr. Executive Vice President/
Chief Financial Officer
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EXHIBIT 99
PRESS RELEASE
Dated February 1, 2000
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[GRAPHIC OMITED]
5718 Westheimer, Suite 600
Houston, Texas 77057
For More Information, Contact
Manuel J. Mehos, CEO
Catherine N. Wylie, CFO
(713) 435-5327
(713) 435-5106 (Fax)
www.coastalbanc.com
NEWS RELEASE
FOR IMMEDIATE RELEASE
COASTAL BANCORP, INC. DECLARES FOURTH QUARTER CASH DIVIDENDS
HOUSTON (February 1, 2000) - Coastal Bancorp, Inc. (NASDAQ: CBSA)
announced today that on January 27, 2000, its Board of Directors declared a
quarterly cash dividend of $.08 per share on its common stock. At the same
meeting dividends were declared for its 9.0% Non-cumulative Preferred Stock
Series A (NASDAQ: CBSAP) of Coastal Banc ssb and its 9.12% Cumulative Preferred
Stock Series A (NASDAQ: CBSAO). Dividends on the common and the 9.0% Preferred
are payable on March 15, 2000 to shareholders of record on February 15, 2000.
Dividends for the 9.12% Preferred will be paid on March 31, 2000 to shareholders
of record as of March 15, 2000.
At December 31, 1999, Coastal Bancorp, Inc. had total assets of $2.9
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 $106.0 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 our 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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