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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): May 15, 2000
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 of (Commission File Number) (I.R.S.Employer
incorporation or organization) ID Number)
301 Main Street, Salinas, California 93901
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(Address of Principal Executive Offices) (Zip Code)
Registrant's 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 May 15, 2000, CENTRAL COAST BANCORP of Salinas,
California issued a press release announcing that the board of
directors has authorized a stock repurchase program for up to five
percent of the Company's outstanding shares. This is a new program
instituted following completion of the previous five percent repurchase
program announced in Ocotber 1998.
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 May 15, 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.
CENTRAL COAST BANCORP
Date: May 15, 2000 By: /s/ ROBERT STANBERRY
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Robert Stanberry
(Chief Financial Officer and
Principal Accounting Officer)
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EXHIBIT INDEX
Sequential
Exhibit No. Description Page No.
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99.1 Press Release dated May 15, 2000 5
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Exhibit 99.1
For Immediate Release May 15, 2000
CENTRAL COAST BANCORP
PRESS RELEASE Contact: Robert Stanberry
Chief Financial Officer
For Immediate Release (831) 422-6642
CENTRAL COAST BANCORP ANNOUNCES STOCK
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REPURCHASE PROGRAM
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Salinas, California - May 15, 2000. Nick Ventimiglia, Chairman,
President and CEO of Central Coast Bancorp (Nasdaq: CCBN) today
announced that the board of directors has authorized a stock
repurchase program for up to five percent of the Company's
outstanding shares. This is a new program instituted following
completion today of the previous five percent repurchase program
announced in October 1998.
The repurchases will be made from time to time by the Company in
the open market or in block purchases in compliance with Securities
and Exchange Commission (SEC) rules. Based on the current
outstanding shares, up to approximately 348,000 shares may be
repurchased. The program will begin immediately.
Ventimiglia stated: "Repurchase of Central Coast Bancorp's stock
provides value for our shareholders in that it enhances per share
earnings and improves the return on equity of the Company."
Central Coast Bancorp operates as a holding company for Community
Bank of Central California. Community Bank, headquartered in
Salinas, serves Monterey County and nearby areas with offices
located in Salinas, North Salinas, Monterey, Seaside, Marina,
Castroville, Gonzales and King City. The Bank has recently received
regulatory approval to open a branch office in Watsonville, Santa
Cruz County. The Bank provides traditional deposit, lending,
mortgage and commercial products and services to business and
retail customers throughout Monterey County and the California
Central Coast area.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Act of 1934, as amended. The
reader of this press release should understand that all such
forward-looking statements are subject to various uncertainties and
risks that could affect their outcome. The Company's actual
results could differ materially from those suggested by such
forward-looking statements. Changes to 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, nationally, regionally and in the operating
market areas of the Company and the Banks; (4) changes in the
regulatory environment; (5) changes in business conditions and
inflation; (6) changes in securities markets.
301 Main Street, Salinas, California 93901
