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COASTAL BANC SAVINGS FILES REGISTRATION STATEMENT FOR PREFERRED STOCK

 HOUSTON, Sept. 10 /PRNewswire/ -- Coastal Banc Savings Association has filed a registration statement with the Office of Thrift Supervision (OTS) for a proposed offering of $25,000,000 non-cumulative preferred stock. The preferred stock will have a liquidation preference of $25 per share. The dividend rate has not yet been determined. The managing underwriters, Wertheim Schroder & Co. Incorporated, Piper Jaffray Inc. and Rauscher Pierce Refsnes, Inc., will have the option to purchase an additional 150,000 shares for overallotments, if any.
 Proceeds from the offering are intended to qualify as core capital of the association, will increase the association's total capital to support further expansion and will be available for general purposes. The Association has made application to have the preferred stock approved for quotation on the NASDAQ National Market System under the symbol CBSAP.
 Coastal Banc Savings Association is a Texas-chartered, federally insured savings and loan association headquartered in Houston. It currently operates 26 branch offices in metropolitan Houston, areas west and southwest of Houston, San Antonio, Corpus Christi and the Rio Grande Valley. At June 30, 1993, Coastal Banc had assets of approximately $1.6 billion and deposits of approximately $1 billion.
 The registration statement for these securities has been filed with the OTS, but has not yet become effective. These securities may not be sold and offers to buy may not be accepted prior to the time the offering circular is declared effective by the OTS. This announcement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these shares in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 -0- 9/10/93
 /CONTACT: Manuel J. Mehos, CEO, or Catherine N. Wylie, chief accounting officer, 713-623-2600, both of Coastal Banc Savings; or Richard Mullinax of Churchill Group Inc., 713-781-0020, for Coastal Banc/


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

WB -- NY026 -- 0716 09/10/93 11:26 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
Words:344
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