First Coastal Bank Announces Preferred Stock Redemption.MANHATTAN BEACH, Calif. -- First Coastal Bank, N.A., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of First Coastal Bancshares (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCST FCST Forecast FCST Federal Council for Science and Technology ), today announced that its Series B Non-Cumulative Preferred stock, issued in the second quarter 2003, will be redeemed on January 15, 2006, to stockholders of record on December 15, 2005. A total of 120,000 shares will be redeemed at $25.00 per share. The Series B Non-Cumulative Preferred stock offering raised $3 million in capital for the Bank in 2003. "The Bank is in a strong financial position with steadily increasing earnings," said Don M. Griffith, president and chief executive officer of First Coastal. "As a result, this is the appropriate time to redeem the stock and further reduce our expenses." First Coastal Bank serves small- and mid-sized business, professionals and entrepreneurs in the coastal communities of west Los Angeles
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