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): August 18, 1998
FIRST COASTAL CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-14087 06-1177661
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(State or other jurisdiction of (Commission (IRS Employer
incorporation File No.) Identification No.)
36 THOMAS DRIVE, WESTBROOK, MAINE 04092
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (207) 774-5000
Not applicable
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(Former name or former address, if changed since last report)
ITEM 5. Other Events.
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On August 18, 1998, Coastal Bank (the "Bank"), the sole subsidiary of
First Coastal Corporation (the "Company"), entered into an Agreement of
Purchase and Sale to sell its real estate located at 36 Thomas Drive, Westbrook,
Maine, which is currently its headquarters, operations center and serves as a
branch banking office, to SYSCO Food Services of Northern New England, Inc. The
sale price is $1.6 million and the Company's net pre-tax gain on the sale is
estimated to be $540,000. The closing is expected in mid-September and as part
of the transaction the Bank will lease and continue to conduct business from
this location for a period of up to 18 months, until a new facility is located
and the Company's relocation is completed. The Company intends to remain
headquarted in the Greater Portland area and efforts are currently underway to
identify and secure a main office facility that will adequately support the
Company and the Bank's current operations.
The Agreement of Purchase and Sale and the Company's and the Bank's press
release are attached to this Current Report on Form 8-K as exhibits 99(a) and
99(b), respectively, and are hereby incorporated by reference herein and made a
part hereof.
ITEM 7. Financial Statements and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits
99(a). Agreement of Purchase and Sale, dated August 18, 1998,
between Coastal Bank and SYSCO Food Services of
Northern New England, Inc.
99(b). Press Release of the Company and the Bank, dated
August 21, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Report to be signed on its behalf
by the undersigned thereunto duly authorized.
FIRST COASTAL CORPORATION
Date: August 31, 1998 By: /s/ Gregory T. Caswell
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Gregory T. Caswell
President and Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NO. IDENTITY OF EXHIBIT
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99a. Agreement of Purchase and Sale, dated August 18, 1998, between
Coastal Bank and SYSCO Food Services of
Northern New England, Inc.
99b. Press Release of the Company and the Bank, dated August 21, 1998.