Coastal Bancorp, Inc. Announces Authority for Common Stock Repurchase Plan

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Coastal Bancorp, Inc. Announces Authority for Common Stock Repurchase Plan

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

    HOUSTON, June 13 /PRNewswire-FirstCall/ --
Coastal Bancorp, Inc. (Nasdaq: CBSA) ("Coastal") announced today that the
Board of Directors has authorized the repurchase of up to 500,000 shares of
the outstanding shares of common stock through an open-market repurchase
program and privately negotiated repurchases, if any, 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
on market conditions.
    At March 31, 2002, Coastal Bancorp, Inc. had total assets of $2.5 billion,
deposits of $1.6 billion, preferred stock (Series A) of Coastal Banc ssb of
$28.8 million, Series A Cumulative Preferred Stock of $27.5 million and common
stockholders' equity of $132.4 million.
    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 49 branch offices in metropolitan Houston,
Austin, Corpus Christi, the Rio Grande Valley and small cities in the
southeast quadrant of Texas.  You can visit the company's web site at
http://www.coastalbanc.com (which is not a part of this press release).
    "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, +1-888-776-6555 or +1-212-782-2840
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