Coastal Bancorp's Stockholders Approve the Merger and Board Declares Regular and Special Dividends

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Coastal Bancorp's Stockholders Approve the Merger and Board Declares Regular and Special Dividends

		COASTAL BANCORP LOGO Coastal Bancorp logo. (PRNewsFoto)[DM TC] HOUSTON, TX USA

    HOUSTON, April 22 /PRNewswire-FirstCall/ -- Coastal Bancorp, Inc.
(Nasdaq: CBSA) announced today that stockholders of the Company approved the
Agreement and Plan of Merger dated December 1, 2003 between Coastal and
Hibernia Corporation ("Hibernia") at Coastal's Annual Meeting of Stockholders
held today in Houston, Texas.  Under the terms of the agreement, Hibernia will
acquire all of the outstanding Coastal common stock for $41.50 per share in
cash.  Management of Coastal believes that all required regulatory approvals
for the merger have been received.  The legal closing of this transaction is
scheduled to take place on May 12, 2004, subject to customary closing
conditions.
    Coastal also announced that its Board of Directors today declared at its
regularly scheduled board meeting a first quarter common stock dividend.  The
$0.15 per share cash dividend will be paid on May 12, 2004 to shareholders of
record as of April 30, 2004.
    Additionally, Coastal's Board of Directors today declared a second quarter
dividend covering the period of April 1, through May 12, 2004.  The $0.07 per
share cash dividend will also be paid on May 12, 2004 to shareholders of
record as of April 30, 2004.
    Coastal Bancorp, Inc. owns through its wholly-owned subsidiary, Coastal
Banc Holding Company, Inc., 100 percent of the voting stock of Coastal Banc
ssb, a Texas-chartered FDIC insured, state savings bank headquartered in
Houston.  Coastal Banc ssb operates 44 branches in metropolitan Houston,
Austin, Corpus Christi, the Rio Grande Valley and small cities in the
southeast quadrant of Texas.  You can visit our website at http://www.coastalbanc.com
for more information about our products and services.
    "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 statements with respect to plans, projections or
future performance of Coastal, the occurrence of which involve certain risks
and uncertainties.  Additional information concerning factors that could cause
actual results to materially differ from those in the forward-looking
statements is contained in Coastal Bancorp, Inc.'s Securities and Exchange
Commission filings.  Investors are cautioned that any such forward looking
statements are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward looking
statements.  Furthermore, Coastal does not intend (and is not obligated) to
update publicly any forward-looking statement.

SOURCE Coastal Bancorp, Inc.

http://www.coastalbanc.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990826/CBSALOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Manuel J. Mehos, CEO, or Catherine N. Wylie,
CFO, both of Coastal Bancorp, Inc., +1-713-435-5327, or fax,
+1-713-435-5106