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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: TobagoJack who wrote (62509)	1/22/2007 4:06:36 PM
From: mishedlo	Read Replies (1) of 116555

Coast Financial Warns of Impairments Friday January 19, 2:28 pm ET Coast Financial Stock Dives After $110 Million Construction Projects Stop NEW YORK (AP) -- Stock in Coast Financial Holdings Inc. plummeted to a new 52-week low Friday after the bank said borrowers of $110 million in mortgage loans may not be able to repay their debt. A local builder contracted by 482 borrowers halted construction on single-family residential properties, for which the bank has committed funding, due to insufficient resources. More than half of the loans had already been paid out to the borrowers. Liens were placed on some of the projects. Bradenton, Fla.-based Coast Financial is the holding company for Coast Bank of Florida. The bank is investigating the results of the loans, but the company expects to take a material charge for the bad debt. At Sept. 30, the company had net loans of $531.4 million. Shares of Coast Financial lost $3.82, or 23.8 percent, to $12.25 in afternoon Nasdaq trading, after setting a low of $11. The stock has traded in a 52-week range of $15.66 to $17.31. biz.yahoo.com

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