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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 3, 2000
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COASTAL FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-19684 57-0925911
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(State or other Juris- (Commission (IRS Employer
diction of incorporation File Number) Identification No.)
or organization)
2619 Oak Street, Myrtle Beach, South Carolina 29577
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(Address of principal executive offices)
(843) 448-5151
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
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On March 3, 2000, Coastal Federal Savings Bank, Myrtle Beach, South
Carolina, the wholly-owned subsidiary of the Registrant, and First Federal
Savings & Loan Association of Cheraw, Cheraw, South Carolina, the wholly-owned
subsidiary of Great Pee Dee Bancorp, Inc., completed the sale of Coastal
Federal's branch office located in Florence, South Carolina. Coastal Federal
transferred approximately $25 million in deposits and $11 million in loans
through the branch sale.
A copy of the Registrant's press release announcing the sale of the branch
office is attached as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
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Exhibit 99.1 Press Release dated March 3, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: March 13, 2000 By: /s/ Michael C. Gerald
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Michael C. Gerald
President and Chief Executive Officer
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