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| Coastal Bancorp, Inc. Announces Completion of Its Second Common Stock Repurchase Plan |
HOUSTON, March 2 /PRNewswire/ -- 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 December 21, 1998 announced stock repurchase plan. The average repurchase price was $16.13 which approximates book value. In addition, on February 25, 1999, the Board of Directors authorized the extension of the repurchase plan for up to an additional 500,000 shares. The outstanding shares of common stock will be purchased through an open-market repurchase program and privately negotiated repurchases, if any. Repurchases will be made from time to time when deemed appropriate by the Chief Executive Officer and Chief Financial Officer of Coastal. The timing and volume of the repurchase transactions will depend upon market conditions. "In view of the current stock price, the repurchase of our common stock continues to be the best use of our cash at the present time. This opportunity allows us to strengthen our investment in Coastal's future," said Manuel J. Mehos, Chairman and Chief Executive Officer. 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 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 Coastal, the occurrence of which involve certain risks and uncertainties detailed in Coastal's filings with the Securities and Exchange Commission.SOURCE Coastal Bancorp, Inc.
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Company News On-Call:
800-758-5804, ext. 118190
CONTACT:
Manuel J. Mehos, CEO, or Catherine N. Wylie,
CFO, 713-435-5327, or fax, 713- 435-5106, both of Coastal
Bancorp, Inc.
