Coast Fires CEO After Fed/State C&D Order

Anne V. Lee has been named acting president and chief executive officer of Coast Financial Holdings Inc., Bradenton, Fla., to replace Brian F. Grimes, who was fired in part because of a federal and state cease-and-desist order involving its residential construction loan program.Coast Bank, a subsidiary, recently agreed to the entry of the C&D order from the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation relating to the bank's residential construction-to-permanent loan portfolio. James K. Toomey, chairman of Coast Federal, said the company has "already addressed a large number of the corrective actions outlined in the C&D, and several of these issues have already been resolved." The FDIC order directs Coast Bank to take measures regarding board oversight, management planning and auditing, equity management, loan-loss allowance, loan portfolio review, liquidity management, and information technology, Coast Financial reported. Ms. Lee will be the company's chief liaison with state and federal regulators regarding the residential construction loan program. The company can be found online at http://www.coastfl.com.