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Coastal Banking/First Federal deal gets shareholder approval

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Coastal Banking/First Federal deal gets shareholder approval

Shareholders of Coastal Banking Co. Inc. have voted in favor of the Beaufort, S.C.-based company's acquisition by First Federal Bancorp Inc.

Lake City, Fla.-based First Federal is paying $21.50 per Coastal share, or $83.2 million in aggregate.

Regulatory approval is still pending, but the deal is expected to close in the second quarter.