~~SECURITIES~~UNITED ~~AND EXCHANGE COMMISSION Washington, D.C. 20549~~STATES

~~FORM~~SECURITIES ~~8–K~~AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

~~Date~~The ofSecurities ~~Report~~Exchange ~~(Date~~Act of ~~earliest event reported) March 22, 2007~~1934

COASTDate BANCORP (Exactof namereport (date of registrantearliest asevent specifiedreported): inSeptember its20, charter)2007

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)

COAST BANCORP

~~Registrant’s telephone~~(Exact ~~number,~~name ~~including~~of ~~area~~registrant ~~code (805)~~as ~~541-0400~~specified in its charter)

N/A

California	Commission File Number:	77-0567091
(State of other jurisdiction of	000-32827	(I.R.S. Employer
Incorporation or organization		Identification No.)

~~(Former name~~500 orMarsh ~~former address~~Street, ifSan ~~changed~~Luis Obispo, ~~since~~California ~~last report)~~93401

~~Check~~(Address ~~the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation~~ of ~~the~~principal ~~registrant~~executive ~~under any of the following provisions:~~offices)

~~o Written communications pursuant to Rule 425 under the Securities Act~~ (~~17 CFR 230.425~~805) 541-0400

o(Registrant’s ~~Soliciting~~telephone ~~material~~number, ~~pursuant~~including toarea ~~Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12~~code)

oCheck ~~Pre~~the appropriate box below if the Form 8-~~commencement~~K ~~communications~~filing is ~~pursuant~~intended to ~~Rule~~simultaneously ~~14d-2(b)~~satisfy the filing obligation of the registrant under any of the ~~Exchange~~following ~~Act~~provisions (17see ~~CFR~~General ~~240~~Instruction A.~~14d-~~2(b. below)):

o ~~Pre-commencement~~ Written communications pursuant to Rule ~~13e-4(c)~~425 under the ~~Exchange~~ Securities Act (17 CFR ~~240~~230.~~13e-4c~~425))

~~Item~~o ~~2.01. Completion~~Soliciting material ofpursuant ~~Acquisition~~to orRule ~~Disposition of~~14a-12 ~~Assets~~under the Exchange Act (17 CFR 240.14a-12)

Ono ~~March~~Pre-commencement ~~20,~~communications ~~2007,~~pursuant Coast National Bank finalized the sale of property in Paso Robles, CA. This was the concluding transaction of a reverse 1031 exchange that started with the October 26, 2006 purchase of property in Paso Robles located at 2102 Spring St., Paso Robles, CA, lots 7, 8, 9 and 10. The intent of the transaction was to ~~obtain~~Rule ~~property~~14d-2(b) ~~that~~under ~~was more suitable for~~ the ~~relocation of~~Exchange ~~the~~Act ~~existing~~(17 ~~Paso~~CFR ~~Robles branch~~240. ~~The property that was sold was located at 2045 Spring St., Paso Robles, CA. The selling price was $730,000.00.~~14d-2(b))

~~The land~~o ~~was~~Pre-commencement ~~purchased~~communications bypursuant ~~David Elson. There is no material relationship,~~to ~~other~~Rule ~~than~~13e-4(c) inunder ~~respect of~~ the ~~described~~Exchange ~~land~~Act ~~sale,~~(17 ~~between~~CFR ~~David Elson and Coast Bancorp, Coast National Bank, or any affiliate, director or officer of Coast Bancorp~~240.13e-4(c))

~~No material~~Item ~~relationship~~1.01 ~~exists~~Entry ~~between~~Into ~~Coast~~a ~~Bancorp, Coast~~Material ~~National~~Definitive ~~Bank, or any affiliate, director or officer of Coast Bancorp and the source of funds used in the transaction~~Agreement.

2On September 20, 2007, Coast Bancorp (the “Company”) completed a private placement of $7,000,000 of trust preferred securities (the “Securities”) through Coast Bancorp Statutory Trust II (the “Trust”), a statutory trust formed by the Company for that purpose.

~~SIGNATURES~~In connection with this issuance, the Company entered into an Amended and Restated Declaration of Trust, dated September 20, 2007, among the Company; Wilmington Trust Company; and the administrators named therein, pursuant to which the Securities were issued. The Securities require quarterly distributions and bear interest at a fixed rate of 6.388% per annum for the first five years and thereafter at a variable rate which will reset quarterly at the three-month LIBOR rate plus 1.50% per annum. The Securities mature in 30 years and are redeemable, in whole or in part, without penalty, at the option of the Company after five years.

~~Pursuant to~~The ~~the~~proceeds ~~requirements~~from the sale of the Securities ~~Exchange~~were ~~Act~~used ofby ~~1934,~~ the ~~registrant~~Trust ~~has duly~~to ~~caused~~purchase ~~this~~$7,000,000 ~~report~~in toaggregate principal beamount ~~signed~~from onthe ~~its~~Company’s ~~behalf~~fixed/floating byrate junior deferrable interest debentures (the ~~undersigned~~“Debentures”) ~~hereunto duly~~due ~~authorized~~in 2037.

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

The Debentures were issued pursuant to an Indenture (the “Indenture”), dated September 20, 2007, by and between the Company and Wilmington Trust Company, as trustee. The Debentures bear interest similar to the Securities requiring quarterly distributions and bearing interest at a fixed rate of 6.388% per annum for the first five years and thereafter at a variable rate which will reset quarterly at the three-month LIBOR rate plus 1.50% per annum. The Securities mature in 30 years and are redeemable, in whole or in part, without penalty, at the option of the Company after five years. The interest payments on the Debentures made by the Company will be used to pay the quarterly distributions payable by the Trust to the holders of the Securities.

3The Company also entered into a guarantee agreement providing for the limited guarantee of certain payments by the Trust.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See the description contained in Item 1.01 above, which is incorporated by reference herein.

Item 9.01 Exhibits.

(d) The following exhibits are included with this Report:

4.1 Indenture, dated as of September 20, 2007

4.2 Amended and Restated Declaration of Trust, dated as of September 20, 2007

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.

		Coast Bancorp


Date: September 21, 2007	By:	/s/ Jack C. Wauchope
	Jack C. Wauchope
	President and Chief Executive Officer
	(Principal Executive Officer)

Exhibit Index:

4.1 Indenture, dated as of September 20, 2007

4.2 Amended and Restated Declaration of Trust, dated as of September 20, 2007

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