Coastal Bancorp Inc. Completes Acquisition of Texas Capital Bank, N.A.HOUSTON--(BUSINESS WIRE)--Nov. 1, 1995--Coastal Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBSA CBSA Canada Border Services Agency CBSA Core-Based Statistical Area CBSA Colorado BioScience Association CBSA College-Bound Student-Athlete CBSA Corporate Benefit Services of America CBSA Canadian Blind Sports Association CBSA Canadian Billiards & Snooker Association ) announced today that its subsidiary Coastal Banc ssb (NASDAQ: CBSAP) has completed the acquisition of Texas Capital Bank, N.A., Houston. The merger agreement had been previously announced on May 30, 1995. All of the branch locations will be opened today as branches of Coastal Banc ssb. "The addition of Texas Capital represents a central element in our strategy to expand our lending opportunities and create a stronger market presence in selected suburban areas in Texas," said Coastal Bancorp Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Manuel J. Mehos. "Coastal Banc ssb utilized a portion of the proceeds from its 1995 Senior Note offering to fund this $21.1 million acquisition." The new Coastal Banc branches are located in Houston, Katy, Richmond and Austin. Mehos said the addition of the new locations and the commercial lending programs of Texas Capital should enhance the savings bank's profitability over the long term. Coastal Bancorp, Inc. owns 100 percent of the voting stock Voting stock The shares in a corporation that entitle the shareholder to vote. voting stock Stock for which the holder has the right to vote in the election of directors, in the appointment of auditors, or in other matters brought up at the of Coastal Banc ssb, a Texas-chartered, state savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. headquartered in Houston. Prior to this acquisition, it operated 35 branch offices in metropolitan Houston, Corpus Christi, San Antonio and small cities in central and south Texas. CONTACT: Coastal Bancorp Inc. Manuel J. Mehos, Catherine N. Wylie, 713/623-2600 Churchill Group Inc. Richard Mullinax, 713/781-0020 |
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