Coast Financial Holdings to Open Eight New Branches; Plans to Enter Hillsborough and Polk Counties
September 15 2005 - 5:39PM
PR Newswire (US)
BRADENTON, Fla., Sept. 15 /PRNewswire-FirstCall/ -- Coast Financial
Holdings, Inc. (NASDAQ:CFHI), parent company of Coast Bank of
Florida, today announced that it has agreed to lease eight former
bank branches, subject to regulatory approval. The expansion will
mark the Bank's entrance into Hillsborough and Polk counties with
three branches in Hillsborough County and two branches in Polk
County. The eight sites also include two in Pinellas County and one
in Manatee County. The eight new locations will bring Coast's
branch total to 20 offices in the greater Tampa Bay area. "We have
been actively pursuing the excess branches left as a result of
recent bank mergers in our area and are pleased to announce that we
are leasing eight sites," said Brian Peters, president and CEO.
"All of these locations are currently vacant and will require only
a limited amount of renovation to bring them up to our standards.
The timing of the opening of these branches is largely dependent on
the placement of qualified staff, although we expect to gain
possession of all of the locations in late December. While these
new branches will keep us busy over the next 12 months, we will
continue to evaluate additional branching opportunities in these
counties, as well as Sarasota, Pasco and Hernando counties as they
become available." About the Company As of June 30, 2005, Coast
Financial Holdings, Inc. had $468.3 million in total assets and
through its banking subsidiary, Coast Bank of Florida
(http://www.coastfl.com/), currently operates 12 full-service
banking locations in Manatee and Pinellas County, Florida. Coast
Bank of Florida is a commercial bank that provides full-service
banking operations to its customers from its headquarters location
and from branch offices in Bradenton, Palmetto, Longboat Key,
Seminole, Kenneth City and St. Petersburg. This press release and
other statements to be made by the Company contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, including but not limited to
statements relating to projections and estimates of earnings,
revenues, cost-savings, expenses, or other financial items;
statements of management's plans, strategies, and objectives for
future operations, and management's expectations as to future
performance and operations and the time by which objectives will be
achieved; statements concerning proposed new products and services;
and statements regarding future economic, industry, or market
conditions or performance. Forward-looking statements are typically
identified by words or phrases such as "believe," expect,"
anticipate," project," and conditional verbs such as "may,"
"could," and "would," and other similar expressions or verbs. Such
forward-looking statements reflect management's current
expectations, beliefs, estimates, and projections regarding the
Company, its industry and future events, and are based upon certain
assumptions made by management. These forward-looking statements
are not guarantees of future performance and necessarily are
subject to risks, uncertainties, and other factors (many of which
are outside the control of the Company) that could cause actual
results to differ materially from those anticipated. These risks,
uncertainties, and other factors include, among others: changes in
general economic or business conditions, either nationally or in
the State of Florida, changes in the interest rate environment, the
Company's ability to successfully open and operate new branches and
collect on delinquent loans, changes in the regulatory environment,
and other risks described in the Company's Form 10-KSB for the
fiscal year ended December 31, 2004 and as described from time to
time by the Company in other reports filed by it with the
Securities and Exchange Commission. Any forward-looking statement
speaks only to the date on which the statement is made, and the
Company disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise. If the Company does update any forward-looking
statements, no inference should be drawn that the Company will make
additional updates with respect to that statement or any other
forward-looking statements. Contacts: Brian P. Peters, President
and CEO Brian F. Grimes, EVP and CFO 877-COASTFL 877-COASTFL
DATASOURCE: Coast Financial Holdings, Inc. CONTACT: Brian P.
Peters, President and CEO, , or Brian F. Grimes, EVP and CFO, ,
both of Coast Financial Holdings, Inc., 1-877-COASTFL Web site:
http://www.coastfl.com/
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