First Coastal Bancshares Announces Proposed $9.2 Million Unit Offering of Common Stock and Trust Preferred Securities in Connection With the Proposed Acquisition of American Independent Bank, N.A. and Reverse Stock Split.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--Dec. 1, 1998--First Coastal Bancshares (the "Company") Tuesday announced that it has filed with the Securities and Exchange Commission (SEC) to offer 300,000 Units of Common Stock and Trust Preferred Securities. Each of the Units consists of one share of Common Stock of First Coastal Bancshares and one Preferred Security of First Coastal Capital Trust (the "Trust") at $20 liquidation amount. The proposed offering will be managed and underwritten by Phoenix-based Peacock, Hislop, Staley & Given, Inc. and Los Angeles- based Wedbush Morgan Securities. When available, copies of the preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders may be obtained from the Company or from its underwriters. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effistration or qualification under the securities laws of any such state. Also, the shareholders of the Company on November 12, 1998, approved a one-for-five reverse stock split of the common stock of the Company. The reverse split became effective on November 24, 1998. Shareholders of record as of November 24, 1998, will receive one share for every five shares of common stock. Following this split, the Company will have approximately 664,551 shares of common stock outstanding. In addition, the Company's common stock trading symbol Trading symbol See: Ticker symbol on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. has been changed from "FCSD FCSD Fundacio Catalana Sindrome de Down (Barcelona, Spain) FCSD Ford Customer Service Division FCSD Fellow of the Chartered Society of Designers (UK) FCSD Fremont County School District " to "FCLA FCLA Florida Center for Library Automation FCLA Forensic Court Liaison Nurse ." First Coastal Bancshares is the bank holding company for First Coastal Bank, N.A. (the "Bank"), a community bank servicing communities in western Los Angeles County from the South Bay to the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . First Coastal Capital Trust, a subsidiary of the Company, is a statutory business trust created under the laws of the state of Delaware for the sole purpose of issuing the Preferred Securities and will hold the Company's Junior Subordinated Debentures as its only asset. The Company will hold all of the Trust's common securities. CONTACT: First Coastal Bancshares 275 Main Street El Segundo, Calif. 90245 Don M. Griffith, 310/335-0724 Gordon Fong, 310/335-0726 Peacock, Hislop, Staley & Given, Inc. 2999 N. 44th Street Phoenix, Ariz. 85018 Thomas L. Thomas, 602/952-6838 Wedbush Morgan Securities 1000 Wilshire Blvd., Suite 900 Los Angeles, Calif. 90017 Barton I. Gurewitz, 213/688-4549 |
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