The shareholders of Coast Financial Holdings, a bank holding company for Coast Bank of Florida, have voted in favor of the proposed merger agreement with First Banks.
The Federal Reserve has previously given approval for the transaction to proceed. The merger of Coast Bank of Florida with and into First Bank is subject to approval of the Missouri Division of Finance.
James Toomey, chairman of the board of directors of Coast Financial Holdings, said: A string of unfortunate circumstances has made this a very difficult time for the company. The merger with First Banks is a solid and viable solution to a very difficult situation. We are pleased the shareholders voted in favor of the proposed merger as this is the best solution for our
customers, shareholders, employees and the communities we serve.