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COASTAL BANC SAVINGS ASSOCIATION COMPLETES ACQUISITION OF GUARDIAN SAVINGS BRANCHES

 HOUSTON, June 21 /PRNewswire/ -- Coastal Banc Savings Association (NASDAQ: CBSA) today announced that it has completed the acquisition of nine branches from Guardian Savings and Loan Association of Houston. All of the locations opened today as branches of Coastal Banc Savings.
 The Association also announced that its acquisition of two branches from Bank United of Texas FSB has received regulatory approval and will be completed July 2. The acquisitions, which were announced March 25, will increase Coastal Banc's deposits by $436 million to more than $1 billion. Total assets will increase to more than $1.5 billion.
 "The primary reason we went public in 1992 was to make further acquisitions," said Coastal Banc chairman and CEO Manuel J. Mehos. "The addition of these branches represents a central element in our strategy to expand our market presence in small to mid-sized cities and selected urban areas in Texas."
 The new Coastal Banc branches are located in San Antonio, Corpus Christi, Brenham, Conroe and Sealy. The Banc United branches, which Coastal Banc will begin operating July 2, are located in Harlingen and McAllen.
 Mehos said the addition of the new locations will enhance the association's profitability over the long term, although expenses related to the acquisitions may lower earnings slightly in the third quarter.
 "Being a larger institution will enable us to take advantage of economies of scale, which will have positive impact on earnings," he said. "The more significant earnings growth, however, will come from new deposits we attract, product sales and the new loans we generate in both our new markets and our current markets."
 Coastal Banc Savings Association is a Texas-chartered, federally insured savings and loan association headquartered in Houston. It currently operates 24 branch offices in metropolitan Houston, areas west and southwest of Houston, and one branch in San Benito.
 -0- 6/21/93
 /CONTACT: Manuel J. Mehos, CEO or Catherine N. Wylie, Chief Accounting Officer, 713/623-2600, both of Coastal Banc Savings or Richard Mullinax, Churchill Group Inc. for Coastal Banc, 713-781-0020/
 (CBSA)


CO: Coastal Banc Savings Association ST: Texas IN: FIN SU: TNM

MP -- NY041 -- 3989 06/21/93 10:48 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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