SAN LUIS OBISPO, CA -- (Marketwired) -- 08/04/15 -- Coast National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB: CTBP), announced today the closing of escrow on the sale of two of its bank owned properties located at 545 Higuera Street and 486 Marsh Street, San Luis Obispo, CA. These properties located adjacent to the Headquarters office of Coast National Bank are considered surplus premises. The personnel housed in annex administration offices will be moved into the main bank building. The transaction generated a gain on sale of the real estate of approximately $1.5 million (pre-tax), and will be reflected as non-interest income of the Bank in 3rd Quarter 2015. "This transaction is favorable to both the bank and Coast Bancorp shareholders as it generates additional capital for the bank's future growth," stated President and CEO Anita Robinson.