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Coastal Bank taps Wiley as next CEO

POSTED: May 10, 2007 5:25 a.m.

The board of directors of Coastal Bankshares, Inc., the parent holding company for The Coastal Bank, announced today that J. Thomas Wiley Jr. has been selected as president and chief executive officer of Coastal Bankshares, Inc. and The Coastal Bank.  

Wiley succeeds Michael D. Owens, who had served in those capacities since 1997.

Billy N. Jones, chairman of the board, in announcing the transition, stated, “We are extremely excited to have a proven banker of the caliber of Tom Wiley to serve as our CEO.  Tom’s knowledge of and relationship with the Savannah market and his consistent winning performance as a bank CEO wherever he has been make him the ideal CEO to assume the reins of our company at this time.”  

Tom Wiley, in accepting the new position, said, “Becoming CEO of The Coastal Bank is clearly a homecoming for me. My wife, Susan, and I have already purchased a home here, and meeting with the Board members is in many ways like a reunion, since I have known and respected many of them for a number of years. I commend Mike Owens for the job he has done at Coastal. I look forward to continuing to build the Bank and to build value for its shareholders.  I believe it is a wonderful opportunity.”  

Coastal Bankshares is a one-bank holding company based in Savannah. On Dec. 31, it had assets of $447.9 million, deposits of $370.6 million, and for the year then ended, had net income of $3.5 million.  

The Coastal Bank has a branch in Rincon.

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