SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
| ý | QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
| For the quarterly period ended June 30, 2001 | ||
| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT | |
| For the transition period from _______ to ________ |
Commission File No. 000-32827
COAST BANCORP
(Exact name of Registration as Specified in its Charter)
| California (State or other jurisdiction of incorporation or organization) | 77-0567091 (IRS Employer Identification No.) | ||||
| 553B Higuera Street, San Luis Obispo, CA 93401 | |||||
| (Address of principal executive offices) | |||||
| (805) 541-0400 (Registrant’s telephone number, including area code) | |||||
| Not applicable (Former name, former address and former fiscal year, if changed since last report) | |||||
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No ý
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:
Common Stock – As of July 15, 2001, there were 631,200 shares of the issuer’s common stock outstanding.
Transitional Small Business Disclosure Format
(Check one)
yes o no ý
CERTAIN STATEMENTS IN THIS QUARTERLY REPORT ON FORM 10-QSB INCLUDE FORWARD-LOOKING INFORMATION WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AND ARE SUBJECT TO THE “SAFE HARBOR” CREATED BY THOSE SECTIONS. THESE FORWARD-LOOKING STATEMENTS INVOLVE CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS. SUCH RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING FACTORS: COMPETITIVE PRESSURE IN THE BANKING INDUSTRY INCREASES SIGNIFICANTLY; CHANGES IN THE INTEREST RATE ENVIRONMENT REDUCE MARGINS; GENERAL ECONOMIC CONDITIONS, EITHER NATIONALLY OR REGIONALLY, ARE LESS FAVORABLE THAN EXPECTED, RESULTING IN, AMONG OTHER THINGS A DETERIORATION IN CREDIT QUALITY AND AN INCREASE IN THE PROVISION FOR POSSIBLE LOAN LOSSES; CHANGES IN THE REGULATORY ENVIRONMENT; CHANGES IN BUSINESS CONDITIONS, PARTICULARLY IN SAN LUIS OBISPO COUNTY; VOLATILITY OF RATE SENSITIVE DEPOSITS; OPERATIONAL RISKS INCLUDING DATA PROCESSING SYSTEMS FAILURES OR FRAUD; ASSET/LIABILITY MATCHING RISKS AND LIQUIDITY RISKS;THE EFFECTS OF CALIFORNIA ENERGY CRISIS AND CHANGES IN THE SECURITIES MARKETS.
THEREFORE, THE INFORMATION SET FORTH THEREIN SHOULD BE CAREFULLY CONSIDERED WHEN EVALUATING THE BUSINESS PROSPECTS OF THE BANK.
MOREOVER, WHEREVER PHRASES SUCH AS SIMILAR TO, “IN MANAGEMENT’S OPINION,” “MANAGEMENT BELIEVES,” OR “MANAGEMENT CONSIDERS” ARE USED, SUCH STATEMENTS ARE AS OF, AND BASED UPON THE KNOWLEDGE OF MANAGEMENT, AT THE TIME MADE AND ARE SUBJECT TO CHANGE BY THE PASSAGE OF TIME AND/OR SUBSEQUENT EVENTS, AND ACCORDINGLY SUCH STATEMENTS ARE SUBJECT TO THE SAME RISKS AND UNCERTAINTIES NOTED ABOVE WITH RESPECT TO FORWARD-LOOKING STATEMENTS.
COAST BANCORP
| PART I - FINANCIAL INFORMATION | |||||||
| ITEM I - FINANCIAL STATEMENTS | |||||||
| Statement of Financial Condition (unaudited) | |||||||
| (In Thousands) | June 30, | December 31, | |||||
| 2001 | 2000 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 5,185 | $ | 6,043 | |||
| Federal funds sold | 10,800 | 3,500 | |||||
| Cash and cash equivalents | 15,985 | 9,543 | |||||
| Interest - bearing deposits | - | 200 | |||||
| Investment securities | 14,723 | 20,966 | |||||
| Loans | 68,542 | 61,900 | |||||
| Allowance for loan losses | (750 | ) | (700 | ) | |||
| 67,792 | 61,200 | ||||||
| Premises and equipment | 3,594 | 3,611 | |||||
| Federal Reserve Bank Stock, at cost | 189 | 172 | |||||
| Accrued interest and other assets | 920 | 1,154 | |||||
| Total Assets | $ | 103,203 | $ | 96,846 | |||
| Liabilities | |||||||
| Noninterest-bearing demand | $ | 22,986 | $ | 21,398 | |||
| Money market and NOW | 30,657 | 29,632 | |||||
| Savings deposits | 3,810 | 3,191 | |||||
| Time deposits of $100,000 or more | 22,035 | 19,998 | |||||
| Other time deposits | 16,535 | 15,731 | |||||
| Total deposits | 96,023 | 89,950 | |||||
| Other liabilities | 422 | 532 | |||||
| Total liabilities | 96,445 | 90,482 | |||||
| Shareholders Equity | |||||||
| Common stock, no par value | |||||||
| 10,000,000 authorized, 631,200 outstanding | |||||||
| at June 30, 2001 and 627,000 December 31, 2000 | 6,312 | 6,270 | |||||
| Retained earnings | 402 | 116 | |||||
| Accumulated other comprehensive income | 44 | (22 | ) | ||||
| Total Shareholders Equity | 6,758 | 6,364 | |||||
| Total Liabilities and Shareholders Equity | $ | 103,203 | $ | 96,846 | |||
COAST BANCORP
| Statement of Operations (unaudited) | |||||||||||||
| (In Thousands, except for per share numbers) | |||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||
| 2001 | 2000 | 2001 | 2000 | ||||||||||
| Interest income: | |||||||||||||
| Interest and fees on loans | $ | 1,475 | $ | 1,299 | $ | 2,981 | $ | 2,435 | |||||
| Interest on taxable securities | 183 | 240 | 429 | 501 | |||||||||
| Interest on federal funds sold | 143 | 83 | 247 | 156 | |||||||||
| other interest income | - | - | - | 2 | |||||||||
| Total interest income | 1,801 | 1,622 | 3,657 | 3,094 | |||||||||
| Interest expense: | |||||||||||||
| Interest on money market and NOW accounts | 214 | 191 | 482 | 374 | |||||||||
| Interest on savings deposits | 28 | 24 | 50 | 45 | |||||||||
| Interest on time deposits | 519 | 430 | 1,042 | 818 | |||||||||
| Interest on other borrowings | 6 | 5 | 11 | 10 | |||||||||
| 767 | 650 | 1,585 | 1,247 | ||||||||||
| Net interest income | 1,034 | 972 | 2,072 | 1,847 | |||||||||
| Provision for loan losses | 38 | 105 | 63 | 150 | |||||||||
| Net interest income after provision for loan losses | 996 | 867 | 2,009 | 1,697 | |||||||||
| Noninterest Income: | |||||||||||||
| Service charges on deposit accounts and other | 85 | 48 | 191 | 84 | |||||||||
| Gain on sale of securities | 61 | - | 75 | - | |||||||||
| Total noninterest income | 146 | 48 | 266 | 84 | |||||||||
| Noninterest Expense: | |||||||||||||
| Salaries and benefits | 475 | 341 | 934 | 712 | |||||||||
| Net occupancy expense (net of rental income) | 46 | 41 | 88 | 91 | |||||||||
| Equipment expense | 43 | 42 | 86 | 84 | |||||||||
| Other expense | 334 | 273 | 674 | 541 | |||||||||
| Total noninterest expense | 898 | 697 | 1,782 | 1,428 | |||||||||
| Income before taxes | 244 | 218 | 493 | 353 | |||||||||
| Income taxes | 103 | (1 | ) | 207 | (1 | ) | |||||||
| Net income | $ | 141 | $ | 217 | $ | 286 | $ | 352 | |||||
| Earnings per share - Basic | $ | 0.22 | $ | 0.34 | $ | 0.45 | $ | 0.56 | |||||
| Earnings per share - Diluted | $ | 0.21 | $ | 0.33 | $ | 0.44 | $ | 0.54 | |||||
COAST BANCORP
Statement of Changes in Shareholders’ Equity
(In Thousands, Except Number of Shares) (Unaudited)
| Common Stock | ||||||||||||||||||
| Number of Shares | Amount | Comprehensive Income | Retained Earnings | Accumulated Other Comprehensive Income | Total | |||||||||||||
| Balance at January 1, 2000 | 625,800 | $ | 6,258 | $ | (528 | ) | $ | (234 | ) | 5,496 | ||||||||
| Exercise of stock options | 1,200 | 12 | 12 | |||||||||||||||
| Comprehensive Income | ||||||||||||||||||
| Net income | $ | 644 | 644 | 644 | ||||||||||||||
| Unrealized gain on securities available for sale | 215 | 215 | 215 | |||||||||||||||
| Reclassification adjustment for gain on Sale of investment securities included innet income | (3 | ) | (3 | ) | (3 | ) | ||||||||||||
| Total comprehensive income | $ | 856 | ||||||||||||||||
| Balance at December 31, 2000 | 627,000 | 6,270 | 116 | (22 | ) | 6,364 | ||||||||||||
| Exercise of stock options | 4,200 | 42 | 42 | |||||||||||||||
| Comprehensive Income | ||||||||||||||||||
| Net income | $ | 286 | 286 | 286 | ||||||||||||||
| Unrealized loss on securities available for sale | 141 | 141 | 141 | |||||||||||||||
| Reclassification adjustment for gain on Sale of investment securities included in net income | (75 | ) | (75 | ) | (75 | ) | ||||||||||||
| Total comprehensive income | $ | 352 | ||||||||||||||||
| Balance at June 30, 2001 | 631,200 | $ | 6,312 | $ | 402 | $ | 44 | $ | 6,758 | |||||||||
COAST BANCORP
| Statement of Cash Flows (unaudited) | For the Six Months Ended June 30, | ||||||||||
| (In Thousands) | |||||||||||
| 2001 | 2000 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | 286 | $ | 352 | |||||||
| Adjustments to reconcile net income to | |||||||||||
| Net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 99 | 101 | |||||||||
| Provision for loan losses | 64 | 150 | |||||||||
| Realized gain on investment securities | (75 | ) | (44 | ) | |||||||
| Other items – net | 130 | 3 | |||||||||
| Net cash provided by operating activities | 504 | 562 | |||||||||
| Investing activities | |||||||||||
| Change in interest-bearing deposits | 200 | (200 | ) | ||||||||
| Proceeds from sale of investment securities | 9,068 | - | |||||||||
| Maturities of investment securities | 9,444 | 2,000 | |||||||||
| Purchase of investment securities | (12,134 | ) | |||||||||
| Net change in loans | (6,656 | ) | (9,746 | ) | |||||||
| Increase in Federal Reserve Bank Stock | (17 | ) | (9 | ) | |||||||
| Purchase of premises and equipment | (82 | ) | (2,064 | ) | |||||||
| Net cash provided (used) by investing activities | (177 | ) | (10,019 | ) | |||||||
| Financing activities | |||||||||||
| Increase in deposits | 6,073 | 11,482 | |||||||||
| Proceeds from exercise of 0ptions | 42 | 12 | |||||||||
| Net cash provided by financing actvities | 6,115 | 11,494 | |||||||||
| Increase in cash and cash equivalents | 6,442 | 2,037 | |||||||||
| Cash and cash equivalents at beginning of period | 9,543 | 9,778 | |||||||||
| Cash and cash equivalents at end of period | $ | 15,985 | $ | 11,815 | |||||||
Note 1 - Basis of Presentation
The accompanying financial information has been prepared in accordance with the Securities and Exchange Commission rules and regulations for quarterly reporting and therefore does not necessarily include all information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles. This information should be read in conjunction with the Bank’s Annual Report for the year ended December 31, 2000 filed on Form 10-KSB.
Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. In the opinion of management, the unaudited financial information for the three month and six month period ended June 30, 2001 and 2000, reflect all adjustments, consisting only of normal recurring accruals and provisions, necessary for a fair presentation thereof.
Some matters discussed in this Form 10-QSB may be “forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995 and therefore may involve risks, uncertainties and other factors which may cause our actual results to be materially different from the results expressed or implied by our forward-looking statements. These statements generally appear with words such as "anticipate", "believe", "estimate", "may", "intend", and "expect".
Note 2 - Earnings Per Share
Effective December 31, 1997, the Bank adopted SFAS No. 128, “Earnings per Share". Accordingly, basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during each period. The computation of diluted earnings per share also considers the number of shares issuable upon the assumed exercise of outstanding common stock options. All earnings per common share amounts presented have been restated in accordance with the provisions of this statement.
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||
| 2001 | 2000 | 2001 | 2000 | |||||
| Shares | Shares | Shares | Shares | |||||
| Used in Basic EPS | 630,870 | 627,000 | 630,150 | 626,413 | ||||
| Dilutive Effect of Outstanding Stock Options | 21,308 | 21,176 | 19,292 | 22,437 | ||||
| Earnings per share – Basic | 652,178 | 648,176 | 649,442 | 648,850 | ||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The unaudited financial statements have been prepared in accordance with the instructions to form 10-QSB and contain statements relating to future results of the Company that are considered to be “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, credit loss reserve adequacy, and simulation of changes in interest rates and litigation results. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties, including, but not limited to, changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within the Company’s markets, equity and fixed income market fluctuations, personal and corporate customers’ bankruptcies, inflation, acquisitions and integrations of acquired businesses, technological change, changes in law, changes in fiscal, monetary, regulatory and tax policies, monetary fluctuations, the California energy crisis, success in gaining regulatory approvals when required as well as other risks and uncertainties detailed elsewhere in this quarterly report or from time to time in the filings of the Company with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date on which such statements are made, and the corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. The accompanying financial information should be read in conjunction with the Bank’s Annual Report on Form 10-KSB for the year ended December 31, 2000.
On June 1, 2001 Coast Bancorp acquired all of the outstanding shares of Coast National Bank’s common stock in a non-cash transaction. Coast Bancorp has no material business activity other than the involvement in Coast National Bank. Financial information presented herein for June 30, 2001 is inclusive of the consolidated Company while the comparative information for December 31, 2000 and June 30, 2000 is for Coast National Bank.
Coast National Bank commenced operations June 16, 1997 with two offices and $6,250,000.00 in capital. All shares sold and issued were of one class. In June 1998 the Morro Bay branch was opened, expanding our customer base and service area. In June 1999 the Los Osos branch was also opened to further serve the needs of the residents of the North Coast. Coast National Bank anticipates being able to satisfy its cash requirements, near term, with continuing deposit growth.
For the three months ended June 30, 2001 the company reported net income of $141,000 or $0.21 diluted earnings per share compared to net income of $217,000 and $0.33 diluted earnings per share for the same period during 2000. For the six month ended June 30, 2001 the company reported net income of $286,000 or $0.44 diluted earnings per share compared to net income of $352,000 and $0.54 diluted earnings per share for the same period during 2000. Net Income for the six months ended June 30, 2001 was lower than the same period for 2000 due to the Bank becoming fully taxable in the last quarter 2000.
Net interest income is the amount by which the interest and amortization of fees generated from loans and other earning assets exceed the cost of funding those assets, usually deposit account interest expense. Net interest income depends on the difference (the “interest rate spread’) between gross interest and fees earned on the loans and investment portfolios and the interest rates paid on deposits and borrowings. Net interest income was $1,034,000 for the six month ended June 30, 2001, compared to $1,847,000 for the quarter ended June 30, 2000 an increase of 11.4%.
The following table sets forth the components of net interest income, average earning assets and net interest margin: (in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||
| 2001 | 2000 | 2001 | 2000 | 2000 | ||||||||||||||||||||||
| Interest Income | $ | 1,801 | $ | 1,622 | $ | 3,657 | $ | 3,094 | $ | 6,745 | ||||||||||||||||
| Interest Expense | 767 | 650 | 1,585 | 1,247 | 2,858 | |||||||||||||||||||||
| Net Interest Income | $ | 1,034 | $ | 972 | $ | 2,072 | $ | 1,847 | $ | 3,887 | ||||||||||||||||
| Average Earning Assets | $ | 94,284 | $ | 75,536 | $ | 91,260 | $ | 73,712 | $ | 78,388 | ||||||||||||||||
| Net Interest Margin | 4.39 | % | 5.15 | % | 4.54 | % | 5.01 | % | 4.96 | % | ||||||||||||||||
The 18.2% increase in net interest income for the first six months of 2001 was primarily the result of the significant growth in interest-earning assets generated by the Bank’s branches. The Company also experienced a decrease in the net interest margin due to the decline of the prime rate by 275 basis points during the first six months of 2001.
The Company made a $63,000 contribution to the allowance for loan losses for the six months ended June 30, 2001 compared to $150,000 for the same period in 2000. Management believes that the allowance, which equals 1.1% of total loans at June 30, 2001, is adequate to cover future losses. The allowance for loan losses at December 31, 2000 was also 1.1% of total loans.
Changes in the allowance for loan losses for the three months ended and the six months ended June 30, 2001 and 2000 are as follows (dollar amounts in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2001 | 2000 | 2001 | 2000 | |||||||||
| Allowance, Beginning of Period | $ | 725 | $ | 445 | $ | 700 | $ | 400 | ||||
| Provision for Loan Losses | 38 | 105 | 63 | 150 | ||||||||
| Loans Charged Off - net of Recoveries | (13 | ) | - | (13 | ) | - | ||||||
| Allowance, End of Period | $ | 750 | $ | 550 | $ | 750 | $ | 550 | ||||
Noninterest income represents deposit account service charges and other types of non-loan related fee income. Noninterest income for the three months ended June 30, 2001 totaled $146,000 compared to $48,000 for the same period in 2000 a 204.2% increase. Noninterest income for the six months ended June 30, 2001 totaled $266,000 compared to $84,000 for the same period in 2000 a 216.6% increase. This increase is primarily due to the growth in deposit accounts and realized gains on the sale of investment securities and realized gains on the sale of the guaranteed portion of SBA loans.
Noninterest expense represents salaries, occupancy expenses, professional expenses, outside services and other miscellaneous expenses necessary to conduct business. Noninterest expense for the three months ended June 30, 2001 totaled $898,000 compared to $697,000 for the same period in 2000 a 28.8% increase. Noninterest expense for the six months ended June 30, 2001 totaled $1,783,000 compared to $1,428,000 for the same period in 2000 a 24.8% increase. This increase is primarily due to the opening of a government guaranteed lending department specializing in Small Business Administration lending programs during the latter part of 2000 and the overall expansion of the customer base.
The Company recorded a $103,000 tax provision for the three months ended June 30, 2001 compared to $(1,000) during the same period in 2000. The six months ended tax provision was $207,000 compared to $(1,000) or the same period in 2000. The increase is due to the utilization of prior losses through the reduction of its deferred tax valuation allowance in 2000. The Company is fully taxable on its earnings in 2001.
Total assets as of June 30, 2001 increase 6.61% to $103.2 million in comparison to total assets of $96.8 million as of December 31, 2000. Total assets increased by 14.8 million or 16.74 to 103.2 million as of June 30, 2001, compared to $88.4 million at June 30, 2000. This growth is primarily due to the expansion of the Bank’s customer base. The majority of the increase was centered in loans, which increased, by $10.7 million from $61.9 million at June 30, 2000 to $68.5 million at June 30, 2001. This growth was funded by a $6.0 million, or 6.75%, increase in deposits since June 30, 2000.
Asset quality has remained excellent at the Company. As of June 30, 2000, December 31, 2000 and June 30, 2001 the bank had no loans on nonaccrual or loans 90 day past due and still accruing. The Bank has had no OREO during 2000 or 2001.
The objective of the Company’s asset/liability strategy is to manage liquidity and interest rate risk is to ensure the safety and soundness of the Bank and it’s capital base, while maintaining adequate net interest margins and spreads to provide an appropriate return to the shareholders.
Shareholders equity at June 30, 2001 was $6.7 million, an increase of $.3 million over $ 6.4 million at December 31, 2000. Average shareholder’s equity for the six months ended June 30, 2001 was 6.7 million compared to $5.9 million in 2000. Shareholders equity increased primarily from net income of $286,000 and unrealized securities gains of $44,000.
The Company is required to meet certain minimum risk-based capital guidelines and leverage ratios set by the banks regulatory authorities. The risk-based capital standards establish capital requirements that are more sensitive to risk differences between various assets, consider off balance sheet activities in assessing capital adequacy, and minimize the disincentives to holding liquid, low risk assets. The leverage ratio consists of tangible Tier I capital divided by average total assets.
Coast Bancorp maintains capital ratios above the Federal regulatory guidelines for “well-capitalized” bank holding companies. The ratios are as follows:
| Minimum | Six Months Ended | |||||
| Requirements | June 30, 2001 | December 31, 2000 | ||||
| Tier 1 Capital | 4.00 | % | 9.15 | % | 9.85 | % |
| Total Capital | 8.00 | % | 10.17 | % | 10.93 | % |
| Leverage Ratio | 4.00 | % | 6.53 | % | 7.13 | % |
Management is not aware of any future capital expenditures or other significant demands on commitments, which would severely impair liquidity. For the six months ended June 30, 2001 the bank has a loan to deposit ratio of 70% and total investments to assets of 26%.
| PART II – OTHER INFORMATION | ||||||
| ITEM 1 – LEGAL PROCEEDINGS | ||||||
| Not applicable. | ||||||
| ITEM 2 – CHANGES IN SECURITIES | ||||||
| Not applicable. | ||||||
| ITEM 3 – DEFAULTS UPON SENIOR SECURITIES | ||||||
| Not applicable. | ||||||
| ITEM 4 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | ||||||
| On May 24, 2001 the sole shareholder of Coast Bancorp executed written consent approving the reorganization agreement that resulted in Coast National Bank becoming the wholly owned subsidiary of Coast Bancorp. | ||||||
| ITEM 5 – OTHER INFORMATION | ||||||
| Not applicable | ||||||
| ITEM 6 – EXHIBITS AND REPORTS OF FORM 8-K | ||||||
| A) | Exhibits | |||||
| EXHIBIT 11 - CALCULATION OF EARNING PER SHARE - see footnote #2 to the financials | ||||||
| B) | Reports on Form 8-K | |||||
| The Bancorp filed a Form 8-K’s during the second quarter ending June 30, 2001, reporting under Item 5 Other Events the acquisition of the Bank by Bancorp. | ||||||
In accordance with the requirements of the Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| COAST BANCORP | ||||
| Date: | August 13, 2001 | /s/ Jack C. Wauchope | ||
| Jack Wauchope | ||||
| President and Chief Executive Officer | ||||
| [Principal Executive Officer] | ||||
| Date: | August 13, 2001 | /s/Thomas Sherman | ||
| Thomas Sherman | ||||
| Chief Financial Officer | ||||
| [Principal Financial Officer] | ||||
