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): May 18, 1999
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 (Commission (IRS Employer
of 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 May 18, 1999, First Coastal Corporation (the "Company") announced that
its Board of Directors has authorized a stock repurchase program whereby the
Company intends to repurchase up to 68,026 shares of its common stock,
representing approximately 5% of the 1,360,527 shares currently outstanding. The
common stock may be purchased by the Company from time to time in the open
market or privately negotiated transactions. The shares repurchased will be held
as treasury stock to be used for general corporate purposes. The stock
repurchase program is anticipated to commence in mid-June 1999 and will be in
effect for a period of approximately 12 months. Under the program, no shares
knowingly will be purchased from officers or directors of the Company or from
persons who hold in excess of five percent of its outstanding shares of common
stock.
The Company's press release is attached to this Current Report on Form 8-K
as Exhibit 99(a) and is 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). Press release of the Company and Coastal Bank, dated
May 18, 1999
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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: June 1, 1999 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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99(a). Press release of the Company and Coastal Bank dated May 18, 1999