Coast Bank Appoints Anne V. Lee Acting President & CEO
26 May 2007 - 7:22AM
PR Newswire (US)
BRADENTON, Fla., May 25 /PRNewswire-FirstCall/ -- James K. Toomey,
Chairman of the Board of Coast Financial Holdings, Inc.
(NASDAQ:CFHI), announced today the appointment of Anne V. Lee as
acting President & Chief Executive Officer of CFHI and its
subsidiary, Coast Bank. Ms. Lee replaces former President and CEO,
Brian F. Grimes. Effective May 25, 2007, the Company and the Bank
terminated Brian F. Grimes from his position as President and Chief
Executive Officer of each because, among other things, provisions
in a Cease and Desist Order served by the Federal Deposit Insurance
Corporation (FDIC) and Florida Office of Financial Regulation (OFR)
require that the Bank have a President and Chief Executive Officer
with certain specified qualifications and experience that Mr.
Grimes does not possess. Mr. Grimes retains his position as a
director of both the Company and the Bank. Ms. Lee is a member of
the Board of Directors and has served as Chief Operating Officer
since August 2006. In making the announcement, Mr. Toomey
commented, "Coast Bank has faced significant challenges in the past
several months related to our residential construction portfolio,
and Anne Lee has distinguished herself during this time as an
efficient, clear-thinking leader with the knowledge, energy and
insight to lead the Coast Bank team through these troubled times."
Toomey continued, "Ms. Lee has emerged as a dedicated leader of our
senior management team and has helped us make extraordinary
progress in working with our customers, revitalizing our banking
staff, and working closely with our regulators." As acting
President and CEO, Ms. Lee will continue to spearhead the bank
effort in resolving the issues regarding affected loans in our
residential construction-to-permanent loan portfolio. She will also
be chief liaison with the Federal Deposit Insurance Corporation
(FDIC) and Florida Office of Financial Regulation (OFR) as the bank
continues to work with those regulators to address these matters.
In addition to these responsibilities, Ms. Lee will oversee overall
bank operations and expand the management team to support these
efforts. Anne Lee has over 25 years of banking experience in
southwest Florida and most recently served as Executive Vice
President and Chief Operating Officer at Coast Bank. She was
appointed to the Board of Directors in July of 2006. Prior to
joining Coast Bank in 2003, Ms. Lee held a number of senior
management positions with Republic Bank and First Florida Bank.
About Coast Financial Holdings, Inc.: 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-Q for the
quarter ended March 31, 2007, 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
941/752- 5900. DATASOURCE: Coast Financial Holdings, Inc. CONTACT:
Tramm Hudson, for Coast Financial Holdings, Inc., +1-941-752- 5900
Web site: http://www.coastfl.com/
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