CENTRAL COAST BANCORP
CENTRAL COAST BANCORP ANNOUNCES 10% STOCK DIVIDEND
--------------------------------------------------
PRESS RELEASE Contact: Robert Stanberry
Chief Financial Officer
For release 9:00am EST (831) 422-6642
rstanberry@community-bnk.com
Salinas, California -- January 28, 2003. At its regularly scheduled
meeting on January 27, 2003, the Board of Directors of Central Coast
Bancorp (NASDAQ/CCBN) approved a 10% stock dividend. The dividend is
payable on February 28, 2003 to holders of record at the close of
business on February 14, 2003.
Nick Ventimiglia, Chairman and CEO, noted that this will be the 17th
stock dividend or split in the twenty 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 9,918,000 shares from 9,016,000 at December
31, 2002. An investor who bought 1,000 shares of Community Bank of
Central California stock when the Company was organized in 1982, would
now have 14,966 shares, or 16,462 after the coming stock dividend. If
purchased at the initial offering of $10 a share, or $10,000, the stock
would be worth $282,109 at yesterday's closing price of $18.85. This
represents a 17.2% 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 (2), Seaside, Marina, Castroville, Gonzales and
King City; the Santa Clara County community of Gilroy; 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