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SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 1998
CENTRAL COAST BANCORP
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(Exact name of registrant as specified in its charter)
California 0-254018 77-0367061
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(State or other jurisdiction) (Commission (I.R.S.Employer
of incorporation or organization) File Nimber) Identification No.)
301 Main Street, Salinas, California 93901
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(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number including area code: (831) 422-6642
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Not Applicable
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(Former name or former address, if changed since last report).
Page 1 of 5
The Exhibit Index is on Page 4
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INFORMATION INCLUDED IN THE REPORT
Item 5. Other Events.
On October 1, 1998, CENTRAL COAST BANCORP of Salinas,
California issued a press release concerning the approval by
the Board of Directors to pursue a stock repurchase of up to 5% of
its common stock traded on NASDAQ under the symbol CCBN.
The forgoing is qualified by reference to the press
release attached as Exhibit-99.1.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
(99.1) Press Release dated October 1, 1998
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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.
CENTRAL COAST BANCORP
Date: October 1, 1998 By: /s/NICK VENTIMIGLIA
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Nick Ventimiglia
President and Chief
Executive Officer
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EXHIBIT INDEX
Sequential
Exhibit No. Description Page No.
99.1 Press Release dated October 1, 1998 5
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For Immediate Release October 1, 1998
PRESS RELEASE
Contacts: Nick Ventimiglia
President/CEO
(831) 422 - 6642
Jayme C. Fields
First VP/Controller
(831) 422 - 6642
Subject: New Stock Repurchase Plan
CENTRAL COAST BANCORP ANNOUNCES
STOCK REPURCHASE PROGRAM
(Salinas, CA) -- CENTRAL COAST BANCORP (the "Corporation")
announced today that the Board of Directors has approved the
repurchase, from time to time, on the open market of up to 5% of
the Corporation's outstanding shares of common stock.
According to Nick Ventimiglia, President of the Corporation, the
Board believes that the current market price of the Corporation's
shares does not accurately reflect the Corporation's underlying
book value and that open market purchases will have the potential
effect of enhancing shareholder worth.
CENTRAL COAST BANCORP a California corporation, is the holding
company of the Bank of Salinas and Cypress Bank, commercial banks
headquartered in Salinas and Seaside, California, respectively.
The Corporation's stock trades on the Nasdaq National Market
System under the symbol CCBN with market makers such as: Sandler
& O'Neill and Hoefer & Arnett, as well as other financial firms.
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Certain matters discussed in this news release may be forward-
looking statements that are subject to the risks and uncertainties
that could cause actual results to differ materially from those
projected. Such risks and uncertainties, which could impact
future financial performance, include, among others, (1)
competitive pressures in the banking industry; (2) changes in the
interest rate environment ; (3) general economic conditions,
either nationally or regionally; (4) changes in the regulatory
environment; (5) changes in business conditions and inflation; and
(6) changes in securities markets. Therefore, the information set
forth herein should be carefully considered when evaluating the
business prospects of the company and its subsidiaries.
