Coastal Bancorp, Inc. Finalized the Acquisition of the Valley Branches of Pacific Southwest Bank

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Coastal Bancorp, Inc. Finalized the Acquisition of the Valley Branches of Pacific Southwest Bank

    HOUSTON, Aug. 17 /PRNewswire/ -- Coastal Bancorp, Inc. (Nasdaq: CBSA)
("Coastal") announced today that it has completed the acquisition of the
Valley Branches of Pacific Southwest Bank also known as San Benito Bank and
Trust Company, a unit of Pacific Southwest Bank.  Coastal, which previously
had three branches in the Rio Grande Valley, now has fifteen located in
Harlingen, San Benito, Mission, Pharr, Edinburg, Brownsville, McAllen and
South Padre.  The purchase includes deposit accounts of approximately
$350 million, net loans of $178 million, owned and leased branch facilities,
and branch furniture, fixtures and operating equipment.
    "We look forward to the privilege of serving our new and existing
customers in the Rio Grande Valley by adding these twelve locations," said
Manuel J. Mehos, Chairman and Chief Executive Officer of Coastal.  "San Benito
Bank and Trust has maintained a significant presence in the Rio Grande Valley
for many years and we are excited about the opportunity to expand our presence
in this area."
    At June 30, 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 $114.75 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 49 branch offices in metropolitan Houston, Austin, Corpus
Christi, the Rio Grande Valley and small cities in the south east quadrant of
Texas.  At June 30, 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, both of Coastal Bancorp, Inc., 713-435-5000, or Fax:
713-435-5106