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Exhibit 99.1
For Immediate Release May 15, 2000
CENTRAL COAST BANCORP
PRESS RELEASE Contact: Robert Stanberry
Chief Financial Officer
For Immediate Release (831) 422-6642
CENTRAL COAST BANCORP ANNOUNCES STOCK
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REPURCHASE PROGRAM
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Salinas, California - May 15, 2000. Nick Ventimiglia, Chairman,
President and CEO of Central Coast Bancorp (Nasdaq: CCBN) today
announced that the board of directors has authorized a stock
repurchase program for up to five percent of the Company's
outstanding shares. This is a new program instituted following
completion today of the previous five percent repurchase program
announced in October 1998.
The repurchases will be made from time to time by the Company in
the open market or in block purchases in compliance with Securities
and Exchange Commission (SEC) rules. Based on the current
outstanding shares, up to approximately 348,000 shares may be
repurchased. The program will begin immediately.
Ventimiglia stated: "Repurchase of Central Coast Bancorp's stock
provides value for our shareholders in that it enhances per share
earnings and improves the return on equity of the Company."
Central Coast Bancorp operates as a holding company for Community
Bank of Central California. Community Bank, headquartered in
Salinas, serves Monterey County and nearby areas with offices
located in Salinas, North Salinas, Monterey, Seaside, Marina,
Castroville, Gonzales and King City. The Bank has recently received
regulatory approval to open a branch office in Watsonville, Santa
Cruz County. The Bank provides traditional deposit, lending,
mortgage and commercial products and services to business and
retail customers throughout Monterey County and the California
Central Coast area.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Act of 1934, as amended. The
reader of this press release should understand that all such
forward-looking statements are subject to various uncertainties and
risks that could affect their outcome. The Company's actual
results could differ materially from those suggested by such
forward-looking statements. Changes to such risks and
uncertainties, which could impact future financial performance,
include, among others; (1) competitive pressures in the banking
industry; (2) changes in the interest rate environment; (3) general
economic conditions, nationally, regionally and in the operating
market areas of the Company and the Banks; (4) changes in the
regulatory environment; (5) changes in business conditions and
inflation; (6) changes in securities markets.
301 Main Street, Salinas, California 93901