|By Marketwired .||
|April 21, 2014 08:05 PM EDT||
SAN LUIS OBISPO, CA -- (Marketwired) -- 04/21/14 -- Coast National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB: CTBP), today announced it has received the official effective Order Terminating the Consent Order entered into by the bank's Board of Directors on February 9, 2011 and issued by the Comptroller of the Currency of the United States of America and terminated on April 9, 2014.
The official document states "the Comptroller believes the protection of the depositors; other customers and shareholders of the Bank, as well as the Bank's safe and sound operations do not require the continued existence of the Order." The Bank is subject to several continuing conditions imposed by the Comptroller in connection with the termination of the Order under an informal letter agreement.
On behalf of the board of directors of the bank, Chief Executive Officer Anita M. Robinson commented, "This is a direct result of the effort of the board of directors and each and every employee having worked very diligently to improve the bank's condition and to restore the confidence of our loyal customers and the community. We look forward to the next phase of life of the bank, where we continue to be the local community bank everyone wants to be a part of."
Established in 1997, Coast National Bank is a local community bank serving consumers and businesses through four local offices serving San Luis Obispo County. With a focus on delivering outstanding customer service, Coast National Bank is an expert in small business lending and provides an array of business and personal banking deposit products and other services. For further information, visit www.coastnationalbank.com or call 805.541.0400.
Coast National Bank is an Equal Housing Lender and member FDIC.
This release contains forward-looking statements that reflect management's current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategies.
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