CFHI Coast Finl Hldgs (MM)

BRADENTON, Fla., Oct. 4 /PRNewswire-FirstCall/ -- Coast Financial Holdings, Inc. (NASDAQ:CFHI), parent company of Coast Bank of Florida, today announced that its public offering of 2,500,000 shares of its common stock was priced at $15.50 per share. The net proceeds of the offering will be approximately $36.7 million, after payment of underwriting discounts and commissions, but excluding estimated offering expenses. The company has granted the underwriters a 30-day option to purchase up to an additional 375,000 shares of common stock to cover over-allotments, if any. The Company's common stock will continue to trade under the ticker symbol "CFHI" but will trade on the Nasdaq National Market System effective as of the open of market on October 5, 2005. Previously, the common stock was quoted on the Nasdaq's Small Cap Market. Sandler O'Neill & Partners, L.P., is the sole book-running manager of the offering. Sterne, Agee & Leach, Inc. is the co-manager of the offering. These shares are being issued pursuant to a registration statement declared effective by the Securities and Exchange Commission today. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering of common shares is made only by means of a prospectus forming a part of the effective registration statement. Printed copies of the prospectus relating to the offering may be obtained from Sandler O'Neill & Partners, L.P., 919 Third Avenue - 6th Floor, New York, NY 10022, Attention: Syndicate Department. A prospectus relating to the offering will be filed with the SEC, and will be available on the SEC's website at http://www.sec.gov/. About the Company Coast Financial Holdings, Inc. through its banking subsidiary, Coast Bank of Florida (http://www.coastbankflorida.com/), operates 12 full-service banking locations in Manatee and Pinellas County, Florida that provide full-service banking operations to its customers. 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 Registration Statement 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 P. Peters, President and CEO Brian F. Grimes, EVP and CFO 877-COASTFL 877-COASTFL DATASOURCE: Coast Financial Holdings, Inc. CONTACT: Brian P. Peters, President and CEO, , or Brian F. Grimes, EVP and CFO, , both of Coast Financial Holdings, Inc., 1-877-COASTFL Web site: http://www.coastbankflorida.com/

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