-----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, DkXoAn7nhYf7YEYv0xDRooccnTVqnCssrIK04pugsSxvQQ5edekbMUh3cspYj24p 4J1BaIuXPX21yNkjdaZPtQ== 0000919805-98-000013.txt : 19980507 0000919805-98-000013.hdr.sgml : 19980507 ACCESSION NUMBER: 0000919805-98-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980506 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COASTAL BANCORP INC CENTRAL INDEX KEY: 0000919805 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 760428727 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24526 FILM NUMBER: 98611565 BUSINESS ADDRESS: STREET 1: 5718 WESTHEIMER STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: (713)435-5 MAIL ADDRESS: STREET 1: 5718 WESTHEIMER STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77057 FORMER COMPANY: FORMER CONFORMED NAME: COASTAL BANC SAVINGS ASSOCIATION DATE OF NAME CHANGE: 19970110 FORMER COMPANY: FORMER CONFORMED NAME: COASTAL BANCORP INC/TX/ DATE OF NAME CHANGE: 19940718 8-K 1 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) MAY 4, 1998 ----------- 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.)
5718 WESTHEIMER, SUITE 600, HOUSTON, TEXAS . . . . 77057 - -------------------------------------------------- --------------- (Address of Principal executive offices) . . . . . (Zip Code) Registrant's telephone number including area code. (713) 435-5000 ---------------
(Former name or former address, if changed since last report) - Not applicable ITEM 5. OTHER EVENTS. - -------- -------------- On May 4, 1998, Coastal Bancorp, Inc. ("Coastal") announced that Coastal Banc ssb (the "Bank") has executed a definitive agreement to purchase the Valley Branches of Pacific Southwest Bank also known as San Benito Bank and Trust Company, a unit of Pacific Southwest Bank. The purchase includes deposit accounts of approximately $357 million, loans of $175 million, owned and leased branch facilities, and branch furniture, fixtures and operating equipment. Consummation of the proposed transaction, which is expected in the third quarter, is contingent upon the approval by bank regulatory authorities and other customary closing conditions. 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 May 4, 1998 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: May 6, 1998 - ------------------------- by: Catherine N. Wylie, Executive Vice President and Chief Financial Officer COASTAL BANCORP, INC. EXHIBIT 99 PRESS RELEASE OF THE REGISTRANT DATED MAY 4, 1998 NEWS RELEASE FOR IMMEDIATE RELEASE COASTAL BANCORP, INC. TO PURCHASE THE VALLEY BRANCHES OF PACIFIC SOUTHWEST BANK HOUSTON (May 4, 1998) - Coastal Bancorp, Inc. (NASDAQ: CBSA) ("Coastal") announced today that it has executed a definitive agreement to purchase the Valley Branches of Pacific Southwest Bank also known as San Benito Bank and Trust Company, a unit of Pacific Southwest Bank. Coastal currently has branches in the Rio Grande Valley located in Harlingen, San Benito and McAllen. Twelve branches, located in Harlingen, San Benito, Mission, Pharr, Edinburg, Brownsville, McAllen and South Padre will be added with this purchase. The purchase includes deposit accounts of approximately $357 million, loans of $175 million, owned and leased branch facilities, and branch furniture, fixtures and operating equipment. Consummation of the proposed transaction, which is expected in the third quarter, is contingent upon the approval by bank regulatory authorities and other customary closing conditions. "We are excited and look forward for the opportunity to increase our presence in the Rio Grande Valley and the surrounding communities," said Manuel J. Mehos, Chairman and Chief Executive Officer of Coastal. "San Benito Bank and Trust has maintained a significant presence in the Rio Grande Valley for many years. This purchase will strengthen our ability to service our new and existing customers in this area." Customers will be notified as soon as possible to assure minimal disruption as the ownership change takes place. At March 31, 1998, on a consolidated basis, Coastal had $3.0 billion in total assets, $1.4 billion in total deposits, $28.8 million in preferred stock of Coastal Banc ssb and $110.5 million in common stockholders' equity. Coastal Bancorp, Inc. through its wholly-owned subsidiary, Coastal Banc Holding Company, Inc., owns 100 percent of the voting stock of Coastal Banc ssb, a Texas-chartered, state savings bank headquartered in Houston. Coastal Banc ssb operates 37 branch offices in metropolitan Houston, Austin, Corpus Christi and small cities in the south east quadrant of Texas. At March 31, 1998, Coastal Banc ssb was considered to be a "well capitalized" institution according to FDIC guidelines. "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. template1 -----END PRIVACY-ENHANCED MESSAGE-----