First Coastal Bancshares Announces Stock Offering.

Business Editors

EL SEGUNDO, Calif.--(BUSINESS WIRE)--May 1, 2002

The Board of Directors of First Coastal Bancshares (OTCBB:FCLA), parent company of wholly owned First Coastal Bank, N.A. ("the Bank"), has approved the issuance of up to $4 million of common stock in a private placement at the current market price of $3.30 per share. It is anticipated that the offering will remain open for up to 90 days. On April 29, 2002, California Community LLC, a principal shareholder in Bancshares, subscribed for $3 million of the shares being offered and fully funded its purchase.

"We are pleased that California Community LLC was willing to continue its support for Bancshares and the Bank. This is clear evidence of their confidence in our business plan," said Don M. Griffith, Chairman and Chief Executive Officer of First Coastal.

Griffith added, "As our subsidiary, First Coastal Bank, continues to grow and our assets approach the $150 million threshold, we have to make certain that the capital ratios of the consolidated company meet the regulatory requirements to be considered well-capitalized. $4 million of new equity will permit Bancshares to restructure its capital base and enhance earnings. This is a very positive development," Griffith said.

At year-end 2001, First Coastal Bank had assets of $123.4 million. The Bank, which serves the coastal communities of west Los Angeles County, operates branches in El Segundo, Marina del Rey, and Gardena.