First Coastal Bancshares Redeeming All 11.875% Trust Debt Securities Issued to First Coastal Capital Trust.

Business Editors

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Sept. 10, 2003

First Coastal Bancshares (OTCBB: FCSTP), El Segundo, California, has called for redemption all of its 11.875% trust debt securities issued to First Coastal Capital Trust, a wholly-owned subsidiary of First Coastal. The redemption will be effective on October 9, 2003 (the "Redemption Date"). All of the outstanding 11.875% Cumulative Preferred Securities of First Coastal Capital Trust will also be redeemed on the Redemption Date at a redemption price of $21 per preferred security, totaling $6.9 million, plus accrued interest of $20 thousand, in accordance with the terms of the Amended and Restated Trust Agreement of First Coastal Capital Trust. The redemption will be financed with the proceeds from the recently completed offering of $6.6 million of new trust preferred securities which has an interest rate equal to three-month LIBOR plus 3.25%.

From and after the Redemption Date, the trust preferred securities to be redeemed will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the preferred shareholders with respect to the trust preferred securities to be redeemed will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice and letter of transmittal shortly. The paying agent for this redemption is U.S. Stock Transfer Corporation.

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.