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Coastal Federal Bank was organized in 1954 by a group of Myrtle Beach Community Leaders who saw the need for a local banking institution where people could come for financial assistance in their efforts to build or buy a home. As the newest bank in Myrtle Beach, the company accepted time deposits, paid interest and loaned money. In the aftermath of Hurricane Hazel in October 1954, Coastal Federal helped to rebuild the Myrtle Beach community. With a place to borrow money at reasonable interest rates to buy materials and reconstruct or repair properties damaged by the storm, the community benefited and began to prosper. In the 1960s and 1970s, Coastal Federal enjoyed unprecedented growth, using new branches throughout Horry County to increase assets from $4 million in 1957 to $107 million by 1979. In 1989, Coastal Federal began selling stock to raise a substantial amount of capital to provide new services, expand facilities and grow. At that time a holding company, Coastal Financial Corporation was formed. Over the twelve years since becoming a publicly owned company, all of us at Coastal Financial Corporation have worked diligently toward achieving our Basic Corporate Objective of Maximizing The Value Of Our Shareholders' Investment by focusing on our Long-Term Goal of Being The Best Financial Services Company In Our Marketplace. And, over that period of time, we have received continuing evidence of progress in those quests. Related to our Basic Corporate Objective Of Maximizing The Value Of Our Shareholders' Investment: - The January 3, 1994 edition of INVESTORS BUSINESS DAILY recognized Coastal Financial Corporation's shares as having the largest price increase of any bank stock listed on the New York, American or Nasdaq stock markets during the year ended December 31, 1993. - Coastal Financial Corporation was listed as #1 in Return on Equity for all publicly-held financial institutions in North and South Carolina in the 1998/1999 edition of CORPORATE CAROLINA published by the editors of BUSINESS NORTH CAROLINA. - In its November 17, 1998 edition, THE STATE newspaper published an article titled "Myrtle Beach bank leads US," describing Coastal Financial Corporation as the nation's best savings bank investment this decade. - In its November 14, 1999 edition, THE STATE newspaper published an article titled "Myrtle Beach-based company is a financial pacesetter - Coastal Financial is the fastest growing new public financial services company of the 1990s." - Coastal Financial Corporation was listed as #1 in Return on Equity for all publicly-held financial institutions in North and South Carolina in the 1999/2000 edition of CORPORATE CAROLINA published by the editors of BUSINESS NORTH CAROLINA. - U.S. Banker, in its July 2000 edition, listed Coastal Financial Corporation #1 in the Carolinas and #16 in the nation in terms of earnings per share growth and return on equity, based on the past three years averaged. - Coastal Financial Corporation received national attention in theJuly 2001 edition of U.S. Banker Magazine. This publication featured a listing of the Community Banking companies in the United States with assets between $673 million and $1.12 billion, ranked in order, based upon return on equity and growth in per share earnings over the past five years. Coastal Financial placed 1st in the Carolinas and 5th nationally in these measures. - The July 2002 edition of U.S. Banker Magazine featured a listing of the Community Banks in the United States with less than one billion dollars in assets, ranked in order, based upon return on equity over the past three years. Coastal Financial Corporation placed 1st in the Carolinas and 3rd nationally in these measures. - Coastal Financial Corporation was added to the Russell 2000 Index, and the broader Russell 3000 Index, effective as of July 1, 2002.