Coast Bancorp [Ca] (CTBP)

Description:

Coast Bancorp incorporated in 2001, is a California corporation headquartered in San Luis Obispo, California. Coast Bancorp became the Bank Holding Company of Coast National Bank on May 31, 2001 through a corporate reorganization. In the reorganization, Coast National Bank became the wholly-owned subsidiary of Coast Bancorp and the shareholders of the Bank became shareholders of Coast Bancorp. Coast Bancorp is operated through a two-tiered corporate structure, but at present, they are not engaged in any material business activities other than the ownership of the Bank. Coast National Bank was chartered in June 16, 1997 by The Office of the Comptroller of the Currency as a national bank. Deposits represent the Bank's primary source of funds. Deposit products include regular checking accounts; savings accounts; certificates of deposit; money-market accounts and IRA accounts. The Bank offers an ATM/debit card as well as a VISA credit card as part of its retail banking services. They concentrate their lending activities in the following areas: Commercial Loans; Real Estate Construction and Development Loans; Residential Mortgage Loans; Commercial Real Estate Term Loans; Consumer and Other Loans. As of December 31, 2003, the Bank had approximately $34.6 million in non-interest bearing deposit accounts. Also, as of December 31, 2003, the Bank had approximately $35.8 million in interest bearing deposit accounts, $7.0 million in savings accounts and $50.6 million in time certificates of deposits. When the Bank opened for business in June 1997, it purchased the real estate and building that housed the Arroyo Grande branch office. On October 14, 1999, the Bank purchased an adjacent lot next to the San Luis Obispo main office on Marsh Street. A few months later on February 1, 2000, the Bank also purchased the contiguous property and building that was home to the San Luis Obispo main office. On March 29, 2002, the Bank purchased a vacant site on Morro Bay Boulevard in Morro Bay that is approximately one block from the existing branch with the intention of eventually relocating the Morro Bay branch.