COASTAL BANCORP INC
8-K, 2000-06-20
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)    JUNE 7, 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  June  7,  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 authorized on April 27, 2000.  The average repurchase
price  was  $15.08  per  share which approximates 91% of book value at March 31,
2000.  This  is the fourth repurchase authorization of 500,000 shares each since
September  of  1998. The average repurchase price for the three plans was $15.67
or  94%  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.
---------

     (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  June  7,  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:  June  20,  2000
     -------------------------
by:  Catherine  N.  Wylie
     Sr.  Executive  Vice  President/
     Chief  Financial  Officer




<PAGE>



                              COASTAL BANCORP, INC.

                                   EXHIBIT 99

               PRESS RELEASE OF THE REGISTRANT DATED JUNE 7, 2000


<PAGE>


                                                                   NEWS  RELEASE

                              FOR IMMEDIATE RELEASE

                COASTAL BANCORP, INC. ANNOUNCES COMPLETION OF ITS
                          COMMON STOCK REPURCHASE PLAN

          HOUSTON  (June  7,  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  under  the  repurchase plan
authorized on April 27, 2000.  The average repurchase price was $15.08 per share
which  approximates 91% of the book value at March 31, 2000.  This is the fourth
repurchase  authorization  of  500,000 shares each since September of 1998.  The
average  repurchase  price for the four plans was $15.67 or 94% of book value at
March  31,  2000.
     "We  believe  repurchasing  our common stock at an average price below book
strengthens our investment in Coastal's future and is the most beneficial use of
our  capital  at  the  present  time,"  said Manuel J. Mehos, Chairman and Chief
Executive  Officer.
     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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