-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S13QPHCF9HBESjXH5UofeX4+YEFrx6l7QwAQXfm8i4sscfrGtY5jEYg6jCu0r65t msFGHmQJ5JCVcBw8feZNdw== 0000912057-97-003782.txt : 19970221 0000912057-97-003782.hdr.sgml : 19970221 ACCESSION NUMBER: 0000912057-97-003782 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970128 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970210 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COAST BANCORP CENTRAL INDEX KEY: 0001021006 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770401327 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12253 FILM NUMBER: 97521304 BUSINESS ADDRESS: STREET 1: 740 FRONT ST STREET 2: SUITE 240 CITY: SANTA CRUZ STATE: CA ZIP: 95066 BUSINESS PHONE: 4084584500 MAIL ADDRESS: STREET 1: 740 FRONT ST STREET 2: SUITE 240 CITY: SANTA CRUZ STATE: CA ZIP: 95066 8-K 1 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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) January 28, 1997 ------------------------------ COAST BANCORP - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) California 001-12253 77-0401327 - ------------------------------------------------------------------------------ (State or other jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 740 Front Street, Santa Cruz, California 95060 - ------------------------------------------------------------------------------ (Address of principal executive offices) Registrant's telephone number, including area code (408) 458-4501 ---------------------------- Not applicable - ------------------------------------------------------------------------------ (Former name or former address, if changed since last report.) ITEM 5. OTHER EVENTS - -------------------- In a Press Release dated January 31, 1997, Coast Bancorp (the "Company") announced that its Board of Directors had approved a plan to repurchase up to 66,290 shares of the Company's Common Stock representing approximately 3% of its outstanding shares. The Common Stock will be purchased from time to time in open market transactions. The Company previously had a stock repurchase program which ended in April, 1996 pursuant to which it purchased 68,340 shares of its Common Stock or 3% of its outstanding shares. On January 28, 1997, the Company also announced record earnings for the year ended December 31, 1996 of $4,128,000 or $1.85 per share as compared to $3,149,000 or $1.38 per share in 1995. Total assets at December 31, 1996 were $236,915,000. The Company also announced a cash dividend of 11 1/2 cents per share to be paid to shareholders of record as of February 13, 1997 payable on February 28, 1997. This is an increase over the quarterly cash dividends of 10 cents per share which was paid in 1996. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. - ------------------------------------------ (c) 99.1 Press Release date January 28, 1997. 99.2 Press Release date January 28, 1997. 99.3 Press Release date January 31, 1997. 2 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. COAST BANCORP Dated: February 7, 1997 /s/ Bruce H. Kendall --------------------------------------- Bruce H. Kendall, Senior Vice President and Chief Financial Officer 3 EX-99.1 2 EXHIBIT 99.1 [LETTERHEAD] Editorial Contact: Mary Anne Carson Assistant Vice President Tel. (408) 458-4501 ext. 2012 Fax (408) 458-0460 FOR IMMEDIATE RELEASE COAST BANCORP, HOLDING COMPANY FOR COAST COMMERCIAL BANK REPORTS RECORD EARNINGS FOR 1996 EARNINGS INCREASE 31% ------------------------------------------------- 12-31-96 HIGHLIGHTS: - TOTAL ASSETS OF $237 MILLION, UP 14% OVER YEAR-END 1995, $29 MILLION INCREASE - TOTAL DEPOSITS OF $185 MILLION, UP 13% OVER YEAR-END 1995, $21 MILLION INCREASE - TOTAL LOANS OF $124 MILLION, UP 16% OVER YEAR-END 1995, $16 MILLION INCREASE - NET INCOME OF $4,128,000 FOR THE BANK'S 15TH YEAR OF OPERATION - FOURTH QUARTER 1996 NET INCOME OF $1,041,000 ------------------------------------------------- Santa Cruz, California, January 28, 1997 -- Coast Bancorp (OTC: CTBP), parent company of Coast Commercial Bank, today announced record earnings for the period ended December 31, 1996, marking its fifteenth operating year in Santa Cruz County. Annual income for 1996 was $4,128,000 or $1.85 per share as compared to 1995 earnings of $3,149,000 or $1.38 per share. Net income for the fourth quarter was $1,041,000 or $0.47 per share, a 20% increase over the same period in 1995 of $864,000 or $0.38 per share. Total assets at December 31, 1996 were $236,915,000, total deposits were $185,468,000 and total loans were $123,722,000. Total assets increased by 14%, total deposits increased by 13% and net loans increased by 16% over the same period in 1995. President and CEO of Coast Bancorp and Coast Commercial Bank, Harvey J. Nickelson concluded, "We are extremely pleased with our 1996 results. Our successful performance reflects significant increases in SBA revenues, as well as quality growth in our loan and deposit portfolios." Based in Santa Cruz California as the only locally owned and operated community bank with headquarters in Santa Cruz, Coast Commercial Bank operates five branches in Santa Cruz County located in Santa Cruz, Aptos, Scotts Valley and Watsonville. EX-99.2 3 EXHIBIT 99.2 [LETTERHEAD] Editorial Contact: Mary Anne Carson Assistant Vice President Tel. (408) 458-4501 ext. 2012 Fax (408) 458-0460 FOR IMMEDIATE RELEASE COAST BANCORP, HOLDING COMPANY FOR COAST COMMERCIAL BANK ANNOUNCES INCREASE IN CASH DIVIDEND Santa Cruz, California, January 28, 1997 -- Coast Bancorp (OTC: CTBP), parent company for Coast Commercial Bank, announced Monday that a $0.115 (eleven and a half cents) per share cash dividend be paid to shareholders of record as of February 13, 1997. The payable date of the dividend has been set for February 28, 1997. This is an 15% increase over the four quarterly dividends of $0.10 (ten cents) per share paid to shareholders during 1996. This is the fourth consecutive year that the company has increased its quarterly cash dividend to shareholders. "The decision by the Board of Directors to increase our quarterly cash dividend is clearly reflective of our 1996 performance and punctuates the momentum we will strive to sustain throughout 1997," stated President and CEO, Harvey J. Nickelson. Coast Bancorp recently posted record earnings for the 1996 operating year. Annual income for 1996 was $4,128,000 or $1.85 per share as compared to 1995 earnings of $3,149,000 or $1.38 per share. At December 31, 1996 total assets for Coast Bancorp were $237 million, total deposits were $185 million and total loans were $124 million. Over the same period in 1995, total assets increased by 14%, total deposits increased by 13% and net loans increased by 16%. Based in Santa Cruz California as the only locally owned and operated community bank with headquarters in Santa Cruz, Coast Commercial Bank operates five branches located throughout the county in Santa Cruz, Aptos, Scotts Valley and Watsonville. EX-99.3 4 EXHIBIT 99.3 [LETTERHEAD] January 31, 1997 Editorial Contact: Mary Anne Carson Assistant Vice President Tel: (408) 458-4501 ext. 2012 Fax: (408) 458-0460 FOR IMMEDIATE RELEASE COAST BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM Santa Cruz, California, January 31, 1997, Coast Bancorp (OTC: CTBP), parent company of Coast Commercial Bank, today announced that its Board of Directors approved a stock repurchase plan to repurchase up to 66,290 shares or 3% of its outstanding Common Stock, no par value, from time to time in open market transactions. Coast Bancorp's prior stock repurchase program which ended April, 1996 resulted in the repurchase of 68,340 shares of its Common Stock. President and CEO of Coast Bancorp and Coast Commercial Bank, Harvey J. Nickelson said, "This second stock repurchase program reflects our continuing belief in the value of our stock and continues our program to increase shareholder value." Coast Commercial Bank is the only locally owned and operated community bank with headquarters in Santa Cruz, California and operates five branches in Santa Cruz County located in Santa Cruz, Aptos, Scotts Valley and Watsonville. -----END PRIVACY-ENHANCED MESSAGE-----