Coastal Bancorp, Inc. Announces Completion of Its Common Stock Repurchase Plan

Search Blogs that Mention this News Release

Click this link to view linked Bookmarking Services

Click this link to view linked Blogging Services

Coastal Bancorp, Inc. Announces Completion of Its Common Stock Repurchase Plan

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

    HOUSTON, June 7 /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 repurchase plan
authorized on April 27, 2000.  The average repurchase price was $15.08 per
share which approximates 91% of the book value at March 31, 2000.  This is the
fourth repurchase authorization of 500,000 shares each since September of
1998.  The average repurchase price for the four plans was $15.67 or 94% of
book value at March 31, 2000.
    "We believe repurchasing our common stock at an average price below book
strengthens our investment in Coastal's future and is the most beneficial use
of our capital at the present time," said Manuel J. Mehos, Chairman and Chief
Executive Officer.
    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.

http://www.coastalbanc.com
Photo Notes:
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