SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

~~Washington, D.C. 20549~~FORM 8–K

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) ~~August 26,~~ ~~2005~~March 22, 2007

COAST BANCORP (Exact name of registrant as specified in its charter)

(Exact name of registrant as specified in its charter)

California	000-32827	77-0567091
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

500 Marsh Street, San Luis Obispo, California		93401
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (805) 541-0400

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-~~4(c~~4c))

1Item 2.01 ~~Entry~~. Completion ~~into~~of aAcquisition ~~material~~or ~~definitive~~Disposition of ~~agreement.~~Assets

~~Property Lease.~~ On March ~~August 24~~20, ~~2005~~2007, Coast ~~Bancorp entered~~National ~~into~~Bank afinalized ~~lease~~the ~~agreement~~sale ~~with~~of ~~Betteravia~~property ~~Ventures,~~in ~~LLC for a new Santa~~Paso ~~Maria California Small Business Lending Department located at 411 Betteravia Rd.~~Robles, ~~Suite 201, Santa Maria,~~ CA ~~93454~~. ~~The~~This ~~monthly~~was ~~rent~~the isconcluding ~~$1,417.38~~transaction ~~per~~of ~~month~~a ~~payable~~reverse on1031 ~~the~~exchange ~~first~~that ~~day~~started ofwith ~~each~~the ~~month~~October ~~commencing~~26, ~~upon occupancy.~~2006 ~~The term~~ purchase of ~~the~~property ~~lease~~in isPaso ~~for~~Robles ~~three~~located ~~years~~at ~~with~~2102 anSpring ~~estimated commencement~~St., ~~date~~Paso ofRobles, ~~October 1~~CA, ~~2005.~~ lots 7, ~~Cost~~8, of9 ~~Living Adjustments will occur twelve moths after occupancy~~ and ~~annually~~ ~~thereafter~~10. The ~~base~~intent ~~rent~~of ~~shall~~the betransaction ~~adjusted~~was byto ~~the~~obtain ~~change~~property ifthat ~~any~~was ~~from~~more ~~the~~suitable ~~base month by the CPIU (All Urban Consumers)~~ for the ~~Los~~relocation ~~Angeles-Riverside-Orange County with a 3% minimum annual~~of ~~increase. With prior written notice,~~ the ~~term~~existing ofPaso ~~the~~Robles ~~lease may be extended for one additional thirty six month period commencing when the prior term expires~~branch. ~~A copy of the lease and the~~The ~~option~~property tothat ~~extend~~was ~~are~~sold ~~attached~~was tolocated ~~this~~at ~~Current~~2045 ~~Report~~Spring ~~as Exhibit 1~~St.~~1 and 1.2~~, ~~respectively~~Paso Robles, ~~and~~CA. The ~~are~~selling ~~incorporated~~price ~~into~~was ~~this report by reference~~$730,000.00.

The land was purchased by David Elson. There is no material relationship, other than in respect of the described land sale, between David Elson and Coast Bancorp, Coast National Bank, or any affiliate, director or officer of Coast Bancorp.

No material relationship exists between Coast Bancorp, Coast National Bank, or any affiliate, director or officer of Coast Bancorp and the source of funds used in the transaction.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 26, 2006	COAST BANCORP
Date: March 22, 2006		COAST BANCORP
	~~/s/ Jack C. Wauchope~~	/s/ Jack C. Wauchope
	~~Jack C. Wauchope, President and Chief~~	Jack C. Wauchope, President and Chief
	~~Executive Officer (Principal Executive Officer)~~	Executive Officer (Principal Executive Officer)

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