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| Coastal Bancorp, Inc. Announces Common Stock Repurchase Plan |
HOUSTON, Sept. 1 /PRNewswire/ -- Coastal Bancorp, Inc. (Nasdaq: CBSA) ("Coastal") announced today that the Board of Directors has authorized the repurchase of up to 6.6% (approximately 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. "The willingness to repurchase our common stock is indicative of our strong belief in Coastal's continued success. In light of the recent stock price movement, we see this as a beneficial use of cash and an opportunity to strengthen our investment in Coastal's future," said Manuel J. Mehos, Chairman and Chief Executive Officer. 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.
back to topRelated links:
Company News On-Call:
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
