First Coastal Bancshares Announces Partial Redemption of 11.875% Cumulative Preferred Securities of First Coastal Capital Trust.Business Editors EL SEGUNDO, Calif.--(BUSINESS WIRE)--Oct. 3, 2003 First Coastal Bancshares (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCSTP), El Segundo, California
El Segundo is a city in Los Angeles County, California on the Santa Monica Bay, incorporated on January 18, 1917. The population was 16,033 at the 2000 census. , announced today that its trust subsidiary, First Coastal Capital Trust, will redeem shares of its 11.875% Cumulative Preferred Securities (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 319698 20 5) in the principal amount of $6.0 million. The redemption will be effective on October 31, 2003. It is anticipated that the remaining outstanding preferred securities ($600,000 in principal) after the partial redemption Partial Redemption An investment-transaction classification that refers to the withdrawal of a portion of a security's value by the owner. Rather than withdrawing the entire amount of his or her security's value from the account, an investor may prefer to keep a portion of the will be redeemed before the second quarter of 2004. First Coastal had previously announced that First Coastal Capital Trust would redeem all of its outstanding preferred securities. On September 26, 2003, the company revoked the planned mandatory redemption. The shares of the outstanding preferred securities of First Coastal Capital Trust that will be subject to the partial redemption will be selected by random lottery administered by Wilmington Trust Company, as Property Trustee. The redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. will be $21 per preferred security plus accrued and unpaid distributions thereon to the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . Distributions will cease to accrue on the securities subject to the partial redemption as of the redemption date. The notice of redemption is expected to be mailed on or before October 3, 2003. The paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for this redemption is U.S. Stock Transfer Corporation. For additional information, please contact Harrison Tsai of First Coastal Bancshares, by telephone (888-296-2250 extension 4018) or email (htsai@firstcoastalbank.com). This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risk and uncertainties. Actual results may differ materially from the results in these forward-looking statements. Factors that might cause such a difference include, among other things, fluctuations in interest rates, changes in economic conditions or governmental regulation, credit quality and other factors discussed in the Company's Annual Report on form 10-KSB for the year ended December 31, 2002. |
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