UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) January 28, 1997
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COAST BANCORP
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(Exact name of registrant as specified in its charter)
California 001-12253 77-0401327
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
740 Front Street, Santa Cruz, California 95060
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(Address of principal executive offices)
Registrant's telephone number, including area code (408) 458-4501
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Not applicable
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
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In a Press Release dated January 31, 1997, Coast Bancorp (the "Company")
announced that its Board of Directors had approved a plan to repurchase up to
66,290 shares of the Company's Common Stock representing approximately 3% of
its outstanding shares. The Common Stock will be purchased from time to time
in open market transactions.
The Company previously had a stock repurchase program which ended in
April, 1996 pursuant to which it purchased 68,340 shares of its Common Stock
or 3% of its outstanding shares.
On January 28, 1997, the Company also announced record earnings for the
year ended December 31, 1996 of $4,128,000 or $1.85 per share as compared to
$3,149,000 or $1.38 per share in 1995. Total assets at December 31, 1996 were
$236,915,000.
The Company also announced a cash dividend of 11 1/2 cents per share to
be paid to shareholders of record as of February 13, 1997 payable on February
28, 1997. This is an increase over the quarterly cash dividends of 10 cents
per share which was paid in 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) 99.1 Press Release date January 28, 1997.
99.2 Press Release date January 28, 1997.
99.3 Press Release date January 31, 1997.
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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.
COAST BANCORP
Dated: February 7, 1997 /s/ Bruce H. Kendall
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Bruce H. Kendall, Senior Vice President
and Chief Financial Officer
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