SECURITIES 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 of Report (Date of earliest event reported): ~~March~~November 330, 2007

COAST FINANCIAL HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

Florida

000-50433

14-1858265

(State or Other

Jurisdiction Incorporation)

(Commission File Number)

(IRS Employer

Identification Number)


1301 – 6^th Avenue, Suite 300, Bradenton, Florida		34205
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (941) 752-5900

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

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

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

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

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

Item 2.0601. ~~Material~~Completion ~~Impairments~~of Acquisition or Disposition of Assets.

On ~~March~~ November 230, 2007, ~~Coast Financial~~pursuant ~~holdings,~~to ~~Inc.~~an Agreement and Plan of Merger (the “~~Company~~Merger Agreement”), ~~the~~dated ~~holding~~as ~~company~~of ~~for~~August 3, ~~Coast~~2007, ~~Bank~~by ofand ~~Florida~~among ~~(the~~First Banks, Inc., a Missouri corporation (“~~Bank~~First Banks”), ~~filed~~Coast Acquisition Corp., a Florida ~~Form~~corporation 8and wholly-Kowned ~~stating~~subsidiary ~~its~~of ~~decision~~First toBanks ~~make~~(“Acquisition anSub”), ~~additional~~Coast ~~provision~~Financial ofHoldings, ~~$14~~Inc., ~~million~~a toFlorida ~~its~~corporation ~~loan~~(the ~~loss allowance~~“Company”), ~~effective~~and as Coast Bank of ~~December 31~~Florida, ~~2006, as~~ a ~~result~~Florida ofstate-chartered ~~its~~bank ~~review~~and wholly-owned subsidiary of ~~residential~~the ~~construction-to-permanent~~Company ~~loans~~(the ~~relating~~“Bank”): to(i) Acquisition aSub ~~local~~was ~~builder~~merged ~~that~~with ~~recently~~and ~~ceased~~into ~~construction~~the onCompany ~~existing~~(the ~~contractual~~“Merger”) ~~commitments~~in accordance with athe ~~number~~provisions of the ~~Bank’s~~Florida ~~borrowers~~ Business Corporation Act (~~“Affected~~the ~~Loans~~“FBCA”) and the separate corporate existence of Acquisition Sub thereupon ceased, and (ii) the Company, as the surviving corporation in the Merger, became a wholly-owned subsidiary of First Banks.

WePursuant ~~are~~to ~~aware that a recent press account reported that~~ the ~~Company~~Merger ~~“now~~Agreement, ~~believes~~each itissued ~~stands~~and tooutstanding ~~lose~~common ~~$14 million~~share ~~at most” as a consequence~~ of the ~~Affected~~Company ~~Loans and attributes a statement to~~ (the ~~Company that~~ “~~this~~Common isShares”) ~~what~~was ~~the~~automatically ~~board~~converted ~~estimated~~into ~~was~~ the ~~absolutely~~right ~~worse-case”~~to ~~for~~receive ~~losses resulting from the Affected Loans~~$1.86 ~~The~~per ~~Company~~share ~~wishes to~~in ~~correct~~cash, ~~these statements~~without interest.

The ~~provision~~Merger ~~made~~Agreement ~~for~~was ~~loan~~approved ~~losses are determined~~ by ~~management and generally are based upon~~ a ~~variety~~majority of ~~factors,~~ ~~including,~~the ~~among other things, management~~Company’s ~~loan~~shareholders ~~loss~~at ~~experience, its evaluation of economic conditions, and its regular reviews of delinquencies and loan portfolio quality. In determining the necessity and amount of such~~ a ~~provision, management~~special ~~necessarily~~meeting ~~makes various assumptions and judgments about the collectibility~~ of the ~~bank~~Company’s ~~loans~~shareholders ~~using these and other factors. Based~~ held on ~~its analysis of the Affected Loans, management concluded that the additional provision was necessary to reflect the increased risk of the Affected Loans. As explained in the March~~November 226, 2007 ~~Form 8-K, management worked closely with its accountants and other professionals to make this determination~~. ~~Management reviewed its determination with the Audit Committee, which concurred with its conclusions.~~

~~Management~~The ~~believes~~foregoing ~~that~~description ~~the~~of ~~allowance recorded by~~ the ~~Company~~Merger ~~will adequately~~Agreement ~~provide~~and ~~for any losses arising from~~ the ~~Affected~~Merger ~~Loans.~~is ~~However,~~qualified ifin ~~actual~~its ~~experience~~entirety ~~varies from the assumptions or judgments used~~ by ~~management~~reference to ~~determine~~ the ~~additional loan loss provision, then the allowance may not be sufficient to~~Merger ~~cover the loan losses that actually occur. Additionally~~Agreement, ~~the~~a ~~loan~~copy ~~loss~~of ~~provision~~which ~~does~~was ~~not~~attached ~~address other costs or expenses that may be associated with the Affected Loans, such~~ as ~~the~~Exhibit ~~cost and expense of collection, foreclosure or other litigation, if any~~2.1 Ato ~~more complete description of~~ the Company’s ~~financial~~Current ~~information~~Report ~~will~~on ~~be included in its~~ Form 108-K ~~for~~filed with the ~~fiscal~~Securities ~~year~~and ~~ended~~Exchange ~~December 31,~~Commission ~~2006,~~(the ~~which~~“Commission”) iton ~~expects to file by March~~August 156, 2007, ~~provided~~which ~~that~~is ~~there~~incorporated ~~are~~herein noby ~~further delays in compiling the necessary financial information~~reference.

Item 3.01.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

In connection with the closing of the Merger, the Company has notified NASDAQ Global Market (“Nasdaq”) that each outstanding Common Share was cancelled and converted in the Merger into the right to receive $1.86 in cash, without interest, and has requested that Nasdaq file a notification of removal from listing on Form 25 with the Commission with respect to the Common Shares. In addition, the Company intends to file with the Commission a certification and notice of termination on Form 15 with respect to the Common Shares, requesting that the Common Shares be deregistered under Section 12(g) of the Exchange Act of 1934, as amended (the “Exchange Act”) and that the reporting obligations of the Company under Sections 13 and 15(d) of the Exchange Act be suspended.

Item 3.03.

Material Modification To Rights of Securities Holders.

Pursuant to the Merger Agreement, each outstanding Common Share was converted in the Merger into the right to receive $1.86 in cash, without interest. See the disclosure regarding the Merger and Merger Agreement under Item 2.01 above for additional information.

Item 5.01.

Changes in Control of Registrant.

As a result of the Merger, the Company became a wholly-owned subsidiary of First Banks. See the disclosure regarding the Merger and the Merger Agreement under Item 2.01 above for additional information.

Item 5.02

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On November 30, 2007, contemporaneously with the effectiveness of the Merger, all of the Company’s directors were replaced with the directors of Coast Acquisition Corp.

Item 9.01

Financial Statements and Exhibits.

(ad) ~~Not Applicable~~Exhibits.

(b) Not Applicable


Exhibit No.		Description
2.1		Agreement and Plan of Merger, dated August 3, 2007, by and among First Banks, Inc., Coast Acquisition Corp., Coast Financial Holdings, Inc., and Coast Bank of Florida (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on August 6, 2007).

[Rest of Page Intentionally Blank. Signature on following Page.]

SIGNATURE

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 FINANCIAL HOLDINGS, INC.
Date: March 6, 2007	By:	/s/ Justin D. Locke
Date: December 3, 2007	By:	/s/ Terrance M. McCarthy
		Justin D. Locke Chief Financial Officer
		Terrance M. McCarthy, President

EXHIBIT INDEX


Exhibit No.		Description
2.1		Agreement and Plan of Merger, dated August 3, 2007, by and among First Banks, Inc., Coast Acquisition Corp., Coast Financial Holdings, Inc., and Coast Bank of Florida (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on August 6, 2007).

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