BRADENTON, Fla., Nov. 26 /PRNewswire-FirstCall/ -- James K. Toomey, Chairman of the Board of Directors of Coast Financial Holdings, Inc. , 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.
