CENTRAL COAST BANCORP
CENTRAL COAST BANCORP ANNOUNCES 5/4 STOCK SPLIT
PRESS RELEASE Contact: Robert Stanberry
Chief Financial Officer
For release 9:00am EST (831) 422-6642
rstanberry@community-bnk.com
Salinas, California -- January 29, 2002. At its regularly scheduled
meeting on January 28, 2002, the Board of Directors of Central Coast
Bancorp (NASDAQ/CCBN) approved a five-for-four stock split.
Shareholders will receive one (1) additional share of Common Stock for
every four (4) shares outstanding. The dividend is payable on February
28, 2002 to holders of record at the close of business on February 14,
2002.
Nick Ventimiglia, President and CEO, noted that this will be the 16th
stock dividend or split in the nineteen years of the Company's
existence. The Board feels the split will help improve market
liquidity of its common shares, as total shares outstanding will
increase to approximately 8,964,000 shares from 7,171,000 at December
31, 2001. An investor who bought 1,000 shares of Community Bank of
Central California stock when the Company was organized in 1982, would
now have 11,880 shares, or 14,850 after the coming stock split. If
purchased at the initial offering of $10 a share, or $10,000, the stock
would be worth $280,368 at yesterday's closing price of $23.60. This
represents a 19.18% compounded rate of return.
Central Coast Bancorp operates as a holding company for Community Bank
of Central California. Community Bank, headquartered in Salinas, has
branch offices located in the Monterey County communities of Salinas,
North Salinas, Monterey, Seaside, Marina, Castroville, Gonzales and
King City, in the Santa Cruz County community of Watsonville and in the
San Benito County community of Hollister. The Bank provides traditional
deposit, lending, mortgage and commercial products and services to
business and retail customers throughout the California Central Coast
area. The Bank has an Internet web site at www.community-bnk.com.
301 Main Street, Salinas, California 93901
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