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| Coastal Bancorp, Inc. Announces Completion of Its Third Common Stock Repurchase Plan and Authority for a Fourth Plan |
| COASTAL BANCORP LOGO
Coastal Bancorp. logo. (PRNewsFoto)[DM] HOUSTON, TX USA | |||
HOUSTON, May 1 /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 repurchase plan announced on February 25, 1999. The average repurchase price was $15.91 which approximates 96% of book value at March 31, 2000. This is the third repurchase authorization of 500,000 shares each since September of 1998. The average repurchase price for the three plans was $15.87 or 95% of book value at March 31, 2000. In addition, on April 27, 2000, 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. 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 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 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.
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990826/CBSALOGO
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Manuel J. Mehos, CEO, or Catherine N. Wylie,
CFO, both of Coastal Bancorp, Inc., 713-435-5327, or fax,
713-435-5106
