Coast Bancorp has sold two buildings next to its bank's headquarters in San Luis Obispo, Calif., and has refinanced debt.
The $128 million-asset company will record a third-quarter, pretax gain of $1.5 million from the buildings' sale. The buildings housed administrative personnel for Coast National Bank and the staff will be moved to the bank's main headquarters on Marsh Street in San Luis Obispo.
Separately, Coast refinanced $2 million of senior notes into $2.5 million of notes carrying a 6% interest rate and due 2018. The $2 million of senior notes had carried a 10% rate and the rate was set to switch to 12%.