Coast Financial Holdings Appoints Locke to Chief Financial Officer; Lee Appointed to Board of Directors
August 25 2006 - 4:00PM
PR Newswire (US)
BRADENTON, Fla., Aug. 25 /PRNewswire-FirstCall/ -- Coast Financial
Holdings, Inc. (NASDAQ:CFHI) today announced that its Board of
Directors has appointed Justin D. Locke, 34, to serve as Chief
Financial Officer of the holding company and its wholly-owned
subsidiary, Coast Bank of Florida, and that it appointed Anne V.
Lee, 47, to the Board of Directors of the holding company. Mr.
Locke had been appointed to serve as interim Chief Financial
Officer pending the completion of an executive search conducted by
a committee of the Board of Directors and was determined to be the
leading candidate. Ms. Lee fills the vacancy on the Board of
Directors that has existed since Mr. Brian P. Peters' resignation.
Mr. Locke has served as interim Chief Financial Officer of the
holding company and bank since July and has nine years of
experience in the banking industry. He has served as Senior Vice
President/Controller for the bank since January 2004 and as a
financial analyst for the bank since 2002. Prior to joining Coast,
Mr. Locke served as a staff accountant for four years with Republic
Bank in St. Petersburg, Florida. Ms. Lee has served as the Chief
Operating Officer of the holding company and the bank since July
2006 and as Executive Vice President/Retail Banking Manager of the
bank since August 2003, and she will continue to serve in these
positions in addition to her appointment as Director. Ms. Lee
served as the bank's Senior Vice President/Retail Banking Manager
from March 2003 to August 2003. In these capacities, Ms. Lee has
been and is responsible for overseeing the branches and branch
administration, business development, retail operations, marketing
and training. Coast Financial Holdings, Inc. is a one-bank holding
company headquartered in Bradenton, Florida. Its wholly-owned
subsidiary, Coast Bank of Florida, with nineteen branch offices, is
a leading and one of the largest independent community banks on the
west coast of Florida. This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, including but not limited to
statements relating to (a) projections and estimates of earnings,
revenues, cost-savings, expenses, or other financial items, (b)
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,
(c) proposed new products and services, and (d) 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, 2005 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 F. Grimes, President and CEO 877-COASTFL The
Cereghino Group Corporate Investor Relations 1809 7th Avenue, Suite
1414 Seattle, WA 98101 206.762.0993 http://www.stockvalues.com/
DATASOURCE: Coast Financial Holdings, Inc. CONTACT: Brian F.
Grimes, President and CEO of Coast Financial Holdings, Inc.,
+1-877-COASTFL, or ; or Corporate Investor Relations, The Cereghino
Group, +1-206-762-0993, for Coast Financial Holdings, Inc. Web
site: http://www.coastfl.com/
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