Coast Financial Holdings, Inc. Reports Results of Shareholder Vote in Favor of Merger Agreement with First Banks, Inc.
November 26 2007 - 5:01PM
PR Newswire (US)
BRADENTON, Fla., Nov. 26 /PRNewswire-FirstCall/ -- James K. Toomey,
Chairman of the Board of Directors of Coast Financial Holdings,
Inc. (NASDAQ:CFHI), parent company of Coast Bank of Florida,
announced today the results of votes cast relating to the proposed
merger with First Banks, Inc. of St. Louis, MO. At the special
shareholders meeting, held at the Manatee Civic Center,
shareholders voted in favor of the proposed merger agreement with
First Banks. In making the announcement, Mr. Toomey stated, "A
string of unfortunate circumstances has made this a very difficult
time for the company. The merger with First Banks is a solid and
viable solution to a very difficult situation." Toomey continued,
"We are pleased the shareholders voted in favor of the proposed
merger as this is the best solution for our customers,
shareholders, employees and the communities we serve." The Federal
Reserve has previously given approval for the transaction to
proceed. The merger of Coast Bank of Florida with and into First
Bank is subject to approval of the Missouri Division of Finance.
The final share price for the transaction will be determined in
accordance with the merger agreement. Within 10 business days of
the completion of the merger, First Banks will distribute an
informational package to all shareholders of record announcing the
completion of the merger and outlining the steps required to
receive payment for CFHI shares. About Coast Financial Holdings:
Coast Financial Holdings, Inc. through its banking subsidiary,
Coast Bank of Florida (http://www.coastfl.com/), operates 20
full-service banking locations in Manatee, Pinellas, Hillsborough
and Pasco counties, 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, Longboat Key, Seminole, Dunedin, Clearwater, Kenneth
City, Brandon, St. Petersburg, Lutz, Largo and Pinellas Park. 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-K for the fiscal
year ended December 31, 2006, 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.
Further information may be obtained by contacting Tramm Hudson at
941/993- 5902. DATASOURCE: Coast Financial Holdings, Inc. CONTACT:
Tramm Hudson of Coast Financial Holdings, Inc., +1-941-993-5902 Web
site: http://www.coastfl.com/
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