Coastal Bancorp, Inc. Announces Stock Split

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Coastal Bancorp, Inc. Announces Stock Split

    HOUSTON, April 27 /PRNewswire/ -- Coastal Bancorp, Inc. (Nasdaq: CBSA)
(the "Company") announced today that its Board of Directors at their meeting
on April 23, 1998 declared a three-for-two (3:2) stock split on the common
stock of the Company payable on June 15, 1998 to the stockholders of record at
the close of business on May 15, 1998.
    In announcing the stock split, Manuel J. Mehos, Chairman of the Board and
Chief Executive Officer of Coastal, noted that this action was taken in light
of the Company's results over the past several years, the recent increase in
the stock price and to provide greater liquidity in the Company's shares.  On
April 15, 1998, the Company reported net income available to common
shareholders of $5.9 million for the quarter ended March 31, 1998.  Diluted
earnings per share for the quarter were $1.14 compared to $0.63 for the same
period last year.
    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.

SOURCE Coastal Bancorp, Inc.

http://www.coastalbanc.com
Company News On-Call:

http://www.prnewswire.com or
fax, 800-758-5804, ext. 118190
CONTACT:
Manuel J. Mehos, CEO, or Catherine N. Wylie,
CFO, 713-435-5000 or Fax: 713-435-5106, both of Coastal Bancorp,
Inc.