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COASTAL BANC SAVINGS PREFERRED STOCK OFFERING DECLARED EFFECTIVE

 HOUSTON, Oct. 22 /PRNewswire/ -- Coastal Banc Savings Association's $25 million public offering of 9 percent noncumulative preferred stock, series A, was declared effective Oct. 21, 1993 by the Office of Thrift Supervision (OTS). Trading of the preferred stock commenced on Oct. 22 on the NASDAQ National Market System under the symbol CBSAP. The preferred stock was priced at $25 per share for the 1 million share offering. The first dividend date for the preferred stock will be Dec. 15, 1993. The managing underwriters, Wertheim Schroder & Co. Incorporated, Piper Jaffray Inc. and Rauscher Pierce Refsnes, Inc., have the option to purchase an additional 150,000 shares for over-allotments, if any.
 Proceeds from the offering are intended to qualify as core capital of the association and will increase the association's total capital to support further expansion. Such proceeds will be available for general corporate purposes.
 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.
 -0- 10/22/93
 /CONTACT: Manuel J. Mehos, CEO, or Catherine N. Wylie, chief accounting officer, both of Coastal Banc Savings, 713-623-2600, or Richard Mullinax of Churchill Group Inc., 713-781-0020, for Coastal Banc Savings/
 (CBSAP)


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

LG -- NY063 -- 5833 10/22/93 15:12 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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