Toomey sold Coast Bank for $3.40 per common share:
BRADENTON, Fla. and ST. LOUIS, Aug. 3 2007 /PRNewswire-FirstCall/ -- Coast Financial Holdings, Inc. (Nasdaq: CFHI), a bank holding company headquartered in Bradenton, Florida, and First Banks, Inc. ("First Banks"), a bank holding company headquartered in St. Louis, Missouri, jointly announce the signing of an Agreement and Plan of Merger providing for First Banks to acquire Coast Financial Holdings, Inc., a Florida bank holding company ("CFHI"), and its wholly owned banking subsidiary, Coast Bank of Florida, a Florida state chartered bank (collectively, "Coast"). Coast operates 20 banking offices in Florida's Manatee, Pinellas, Hillsborough and Pasco counties.
Under the terms of the Agreement and Plan of Merger, each outstanding share of Coast's common stock will be converted into and will represent the right to receive an amount equal to $22,130,793.80 divided by the number of shares of Coast's common stock outstanding, or approximately $3.40 in cash, without interest thereon.
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First Banks is one of the largest privately held bank holding companies in the United States with nearly $10.5 billion in assets at June 30, 2007. First Banks operates 197 offices throughout Missouri, Illinois, Texas and California and employs nearly 2,700 employees.
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CFHI Chairman James K. Toomey stated, "We have had discussions with First Banks for some time now, and through these discussions we have come to know the organization as one of high integrity, high standards and a commitment to excellence." Mr. Toomey continued, "We believe our proposed alignment with First Banks is a solid decision which serves the best interest of Coast Bank customers, employees, CFHI shareholders and the communities we serve."
