<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                                                    Exhibit 10.3
                             BUSINESS LOAN AGREEMENT

<TABLE>
<CAPTION>

 Principal         Loan Date         Maturity          Loan No            Call/Coll         Account       Officer     Initials

<S>               <C>               <C>               <C>               <C>               <C>              <C>        <C>
$600,000.00       04-15-2003        04-15-2005          1928              16StockBar                        03           /s/

</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing "****" has been omitted due to text length limitations.

<TABLE>


<S>                                                <C>         <C>
BORROWER:  COAST FINANCIAL HOLDINGS, INC.          LENDER:     INDEPENDENT BANKERS' BANK OF FLORIDA
           POST OFFICE BOX 150                                 ATTENTION: CREDIT SERVICES
           BRANDENTON, FL                                      615 CRESCENT EXECUTIVE COURT SUITE 400
                                                               LAKE MARY, FL 32746
                                                               (407) 541-1620
</TABLE>


================================================================================

THIS BUSINESS LOAN AGREEMENT DATED APRIL 15, 2003, IS MADE AND EXECUTED BETWEEN
COAST FINANCIAL HOLDINGS, INC. ("BORROWER") AND INDEPENDENT BANKERS' BANK OF
FLORIDA ("LENDER") ON THE FOLLOWING TERMS AND CONDITIONS. BORROWER HAS RECEIVED
PRIOR COMMERCIAL LOANS FROM LENDER OR HAS APPLIED TO LENDER FOR A COMMERCIAL
LOAN OR LOANS OR OTHER FINANCIAL ACCOMMODATIONS, INCLUDING THOSE WHICH MAY BE
DESCRIBED ON ANY EXHIBIT OR SCHEDULE ATTACHED TO THIS AGREEMENT ("LOAN").
BORROWER UNDERSTANDS AND AGREES THAT: (A) IN GRANTING, RENEWING, OR EXTENDING
ANY LOAN, LENDER IS RELYING UPON BORROWER'S REPRESENTATIONS, WARRANTIES, AND
AGREEMENTS AS SET FORTH IN THIS AGREEMENT; (B) THE GRANTING, RENEWING, OR
EXTENDING OF ANY LOAN BY LENDER AT ALL TIMES SHALL BE SUBJECT TO LENDER'S SOLE
JUDGMENT AND DISCRETION; AND (C) ALL SUCH LOANS SHALL BE AND REMAIN SUBJECT TO
THE TERMS AND CONDITIONS OF THIS AGREEMENT.

TERM. This Agreement shall be effective as of April 15, 2003, and shall continue
in full force and effect until such time as all of Borrower's Loans in favor of
Lender have been paid in full, including principal, interest, costs, expenses,
attorneys' fees, and other fees and charges, or until such time as the parties
may agree in writing to terminate this Agreement.

CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial
Advance and each subsequent Advance under this Agreement shall be subject to the
fulfillment to Lender's satisfaction of all of the conditions set forth in this
Agreement and in the Related Documents.

     LOAN DOCUMENTS. Borrower shall provide to Lender the following documents
     for the Loan: (1) the Note; (2) Security Agreements granting to Lender
     security interests in the Collateral; (3) financing statements and all
     other documents perfecting Lender's Security Interests; (4) evidence of
     insurance as required below; (5) together with all such Related Documents
     as Lender may require for the Loan; all in form and substance satisfactory
     to Lender and Lender's counsel.

     BORROWER'S AUTHORIZATION. Borrower shall have provided in form and
     substance satisfactory to Lender properly certified resolutions, duly
     authorizing the execution and delivery of this Agreement, the Note and the
     Related Documents. In addition, Borrower shall have provided such other
     resolutions, authorizations, documents and instruments as Lender or its
     counsel, may require.

     PAYMENT OF FEES AND EXPENSES. Borrower shall have paid to Lender all fees,
     charges, and other expenses which are then due and payable as specified in
     this Agreement or any Related Document.

     REPRESENTATIONS AND WARRANTIES. The representations and warranties set
     forth in this Agreement, in the Related Documents, and in any document or
     certificate delivered to Lender under this Agreement are true and correct.

     NO EVENT OF DEFAULT. There shall not exist at the time of any Advance a
     condition which would constitute an Event of Default under this Agreement
     or under any Related Document.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as
of the date of this Agreement, as of the date of each disbursement of loan
proceeds, as of the date of any renewal, extension or modification of any Loan,
and at all times any Indebtedness exists:

     ORGANIZATION. Borrower is a corporation for profit which is, and at all
     times shall be, duly organized, validly existing, and in good standing
     under and by virtue of the laws of Borrower's state of incorporation.
     Borrower is duly authorized to transact business in Borrower maintains an
     office at Post Office Box 150, Brandenton, FL. Unless Borrower has
     designated otherwise in writing, the principal office is the office at
     which Borrower keeps its books and records including its records concerning
     the Collateral. Borrower will notify Lender prior to any change in the
     location of Borrower's state of organization or any change in Borrower's
     name.

     ASSUMED BUSINESS NAMES. Borrower has filed or recorded all documents or
     filings required by law relating to all assumed business names used by
     Borrower. Excluding the name of Borrower, the following is a complete list
     of all assumed business names under which Borrower does business: NONE.

     AUTHORIZATION. Borrower's execution, delivery, and performance of this
     Agreement and all the Related Documents have been duly authorized by all
     necessary action by Borrower and do not conflict with, result in a
     violation of, or constitute a default under (1) any provision of Borrower's
     articles of incorporation or organization, or bylaws, or any agreement or
     other instrument binding upon Borrower or (2) any law, governmental
     regulation, court decree, or order applicable to Borrower or to Borrower's
     properties.

     PROPERTIES. Except as contemplated by this Agreement or as previously
     disclosed in Borrower's financial statements or in writing to Lender and as
     accepted by Lender, and except for property tax liens for taxes not
     presently due and payable, Borrower owns and has good title to all of
     Borrower's properties free and clear of all liens and security interests,
     and has not executed any security documents or financing statements
     relating to such properties. All of Borrower's properties are titled in
     Borrower's legal name, and Borrower has not used or filed a financing
     statement under any other name for at least the last five (5) years.

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long
as this Agreement remains in effect, Borrower will:

     NOTICES OF CLAIMS AND LITIGATION. Promptly inform Lender in writing of (1)
     all material adverse changes in Borrower's financial condition, and (2) all
     existing and all threatened litigation, claims, investigations,
     administrative proceedings or similar actions affecting Borrower or any
     Guarantor which could materially affect the financial condition of Borrower
     or the financial condition of any Guarantor.

     FINANCIAL RECORDS. Maintain its books and records in accordance with
     accounting principles acceptable to Lender, applied on a consistent basis,
     and permit Lender to examine and audit Borrower's books and records at all
     reasonable times.

     FINANCIAL STATEMENTS. Furnish Lender with the following:

          ANNUAL STATEMENTS. As soon as available, but in no event later than
          ninety (90) days after the end of each fiscal year, Borrower's balance
          sheet and income statement for the year ended, reviewed by a certified
          public accountant satisfactory to Lender.

          TAX RETURNS. As soon as available, but in no event later than ninety
          (90) days after the applicable filing date for the tax reporting
          period ended, Federal and other governmental tax returns, prepared by
          a tax professional satisfactory to Lender.

<PAGE>



                             BUSINESS LOAN AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 2

          All Financial Statements required to be provided under this Agreement
          shall be prepared in accordance with GAAP applied on a consistent
          basis, and certified by Borrower as being true and correct.

          LOAN PROCEEDS. Use all Loan proceeds solely for Borrower's business
          operations, unless specifically consented to the contrary by Lender in
          writing.

          TAXES, CHARGES AND LIENS. Pay and discharge when due all of its
          indebtedness and obligations, including without limitation all
          assessments, taxes, governmental charges, levies and liens, of every
          kind and nature, imposed upon Borrower or its properties, income, or
          profits, prior to the date on which penalties would attach, and all
          lawful claims that, if unpaid, might become a lien or charge upon any
          of Borrower's properties, income, or profits.

          PERFORMANCE. Perform and comply, in a timely manner, with all terms,
          conditions, and provisions set forth in this Agreement, in the Related
          Documents, and in all other instruments and agreements between
          Borrower and Lender. Borrower shall notify Lender immediately in
          writing of any default in connection with any agreement.

          OPERATIONS. Maintain executive and management personnel with
          substantially the same qualifications and experience as the present
          executive and management personnel; provide written notice to Lender
          of any change in executive and management personnel; conduct its
          business affairs in a reasonable and prudent manner.

          COMPLIANCE WITH GOVERNMENTAL REQUIREMENTS. Comply with all laws,
          ordinances, and regulations, now or hereafter in effect, of all
          governmental authorities applicable to the conduct of Borrower's
          properties, businesses and operations, and to the use or occupancy of
          the Collateral, including without limitation, the Americans With
          Disabilities Act. Borrower may contest in good faith any such law,
          ordinance, or regulation and withhold compliance during any
          proceeding, including appropriate appeals, so long as Borrower has
          notified Lender in writing prior to doing so and so long as, in
          Lender's sole opinion, Lender's interests in the Collateral are not
          jeopardized. Lender may require Borrower to post adequate security or
          a surety bond, reasonably satisfactory to Lender, to protect Lender's
          interest.

          INSPECTION. Permit employees or agents of Lender at any reasonable
          time to inspect any and all Collateral for the Loan or Loans and
          Borrower's other properties and to examine or audit Borrower's books,
          accounts, and records and to make copies and memoranda of Borrower's
          books, accounts, and records. If Borrower now or at any time hereafter
          maintains any records (including without limitation computer generated
          records and computer software programs for the generation of such
          records) in the possession of a third party, Borrower, upon request of
          Lender, shall notify such party to permit Lender free access to such
          records at all reasonable times and to provide Lender with copies of
          any records it may request, all at Borrower's expense.

     LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
     materially affect Lender's interest in the Collateral or if Borrower fails
     to comply with any provision of this Agreement or any Related Documents,
     including but not limited to Borrower's failure to discharge or pay when
     due any amounts Borrower is required to discharge or pay under this
     Agreement or any Related Documents, Lender on Borrower's behalf may (but
     shall not be obligated to) take any action that Lender deems appropriate on
     any Collateral and paying all costs for insuring, maintaining and
     preserving any Collateral. All such expenditures incurred or paid by Lender
     for such purposes will then bear interest at the rate charged under the
     Note from the date incurred or paid by Lender to the date of repayment by
     Borrower. All such expenses will become a part of the Indebtedness and, at
     Lender's option, will (A) be payable on demand; (B) be added to the balance
     of the Note and be apportioned among and be payable with any installment
     payments to become due during either (1) the term of any applicable
     insurance policy; or (2) the remaining term of the Note; or (C) be treated
     as a balloon payment which will be due and payable at the Note's maturity.

     NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while
     this Agreement is in effect, Borrower shall not, without the prior written
     consent of Lender:

          CONTINUITY OF OPERATIONS. (1) Engage in any business activities
          substantially different than those in which Borrower is presently
          engaged, (2) cease operations, liquidate, merge, transfer, acquire or
          consolidate with any other entity, change its name, dissolve or
          transfer or sell Collateral out of the ordinary course of business, or
          (3) pay any dividends on Borrower's stock (other than dividends
          payable in its stock), provided, however that notwithstanding the
          foregoing, but only so long as no Event of Default has occurred and is
          continuing or would result from the payment of dividends, if Borrower
          is a "Subchapter S Corporation" (as defined in the Internal Revenue
          Code of 1986, as amended), Borrower may pay cash dividends on its
          stock to its shareholders from time to time in amounts necessary to
          enable the shareholders to pay income taxes and make estimated income
          tax payments to satisfy their liabilities under federal and state law
          which arise solely from their status as Shareholders of a Subchapter S
          Corporation because of their ownership of shares of Borrower's stock,
          or purchase or retire any of Borrower's outstanding shares or alter or
          amend Borrower's capital structure.

     CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan
     to Borrower, whether under this Agreement or under any other agreement,
     Lender shall have no obligation to make Loan advances or to disburse Loan
     proceeds if: (A) Borrower or any guarantor is in default under the terms of
     this Agreement or any other agreement that Borrower or any guarantor has
     with Lender; (B) Borrower or any guarantor dies, becomes incompetent or
     becomes insolvent, files a petition in bankruptcy or similar proceedings,
     or is adjudged a bankrupt; (C) there occurs a material adverse change in
     Borrower's financial condition, in the financial condition of any
     guarantor, or in the value of any collateral securing any Loan; or (D) any
     guarantor seeks, claims or otherwise attempts to limit, modify or revoke
     such guarantor's guaranty of the Loan or any other loan with Lender; or (E)
     Lender in good faith deems itself insecure, even though no Event of Default
     shall have occurred.

     RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves
     a right of setoff in all Borrower's accounts with Lender (whether checking,
     savings, or some other account). This includes all accounts Borrower holds
     jointly with someone else and all accounts Borrower may open in the future.
     However, this does not include any IRA or Keogh accounts, or any trust
     accounts for which setoff would be prohibited by law. Borrower authorizes
     Lender, to the extent permitted by applicable law, to charge or setoff all
     sums owing on the Indebtedness against any and all such accounts.

     DEFAULT. Each of the following shall constitute an Event of Default under
     this Agreement:

          PAYMENT DEFAULT. Borrower fails to make any payment when due under the
          Loan.

          OTHER DEFAULT. Borrower fails to comply with any other term,
          obligation, covenant or condition contained in this Agreement or in
          any of the Related Documents.

          FALSE STATEMENTS. Any representation or statement made by Borrower to
          Lender is false in any material respect.

          INSOLVENCY. The dissolution or termination of Borrower's existence as
          a going business, the insolvency of Borrower, the appointment of a
          receiver for any part of Borrower's property, any assignment for the
          benefit of creditors, any type of creditor workout, or the
          commencement of any proceeding under any bankruptcy or insolvency laws
          by or against Borrower.

          CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
          forfeiture proceedings, whether by judicial proceeding, self-help,
          repossession or any other method, by any creditor of Borrower or by
          any governmental agency against any collateral securing the Loan.

          EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with
          respect to any Guarantor of any of the Indebtedness or any Guarantor
          dies or becomes incompetent or revokes or disputes the validity of,
          or liability under, any Guaranty of the Indebtedness. In the


<PAGE>



                             BUSINESS LOAN AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 3


          event of a death, Lender, at its option, may, but shall not be
          required to, permit the Guarantor's estate to assume unconditionally
          the obligations arising under the guaranty in a manner satisfactory to
          Lender, and, in doing so, cure any Event of Default.

          CHANGE IN OWNERSHIP. Any change in ownership of twenty-five percent
          (25%) or more of the common stock of Borrower.

          INSECURITY. Lender in good faith believes itself insecure.

     EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except
     where otherwise provided in this Agreement or the Related Documents, all
     commitments and obligations of Lender under this Agreement immediately will
     terminate (including any obligation to make further Loan Advances or
     disbursements), and, at Lender's option, all Indebtedness immediately will
     become due and payable, all without notice of any kind to Borrower, except
     that in the case of an Event of Default of the type described in the
     "Insolvency" subsection above, such acceleration shall be automatic and
     not optional. In addition, Lender shall have all the rights and remedies
     provided in the Related Documents or available at law, in equity, or
     otherwise. Except as may be prohibited by applicable law, all of Lender's
     rights and remedies shall be cumulative and may be exercised singularly or
     concurrently. Election by Lender to pursue any remedy shall not exclude
     pursuit of any other remedy, and an election to make expenditures or to
     take action to perform an obligation of Borrower or of any Grantor shall
     not affect Lender's right to declare a default and to exercise its rights
     and remedies.

     PROVISION #1. Bank to maintain a positive ROA and Tier 1 capital of at
     least 7% as of the end of each calendar quarter.

     PROVISION #2. Receipt of the audited consolidated and consolidating
     financial statement of borrower and Coast Bank of Florida within 120 days
     of fiscal year end and internally prepared quarterly statements of same
     within 45 days of the end of each calendar quarter.

     PROVISION #3. Two years interest reserve will be blocked from availability
     (assume 7.0%, $300M average balance outstanding).

     PROVISION #4. All request for draws under this facility must be accompanied
     by evidence of prior approval for borrowing by the Federal Reserve Bank.

     DEFINITIONS. The following capitalized words and terms shall have the
     following meanings when used in this Agreement. Unless specifically stated
     to the contrary, all references to dollar amounts shall mean amounts in
     lawful money of the United States of America. Words and terms used in the
     singular shall include the plural, and the plural shall include the
     singular, as the context may require. Words and terms not otherwise defined
     in this Agreement shall have the meanings attributed to such terms in the
     Uniform Commercial Code. Accounting words and terms not otherwise defined
     in this Agreement shall have the meanings assigned to them in accordance
     with generally accepted accounting principles as in effect on the date of
     this Agreement:

          ADVANCE. The word "Advance" means a disbursement of Loan funds made,
          or to be made, to Borrower or on Borrower's behalf on a line of credit
          or multiple advance basis under the terms and conditions of this
          Agreement.

          AGREEMENT. The word "Agreement" means this Business Loan Agreement, as
          this Business Loan Agreement may be amended or modified from time to
          time, together with all exhibits and schedules attached to this
          Business Loan Agreement from time to time.

          BORROWER. The word "Borrower" means Coast Financial Holdings, Inc.,
          and all other persons and entities signing the Note in whatever
          capacity.

          COLLATERAL. The word "Collateral" means all property and assets
          granted as collateral security for a Loan, whether real or personal
          property, whether granted directly or indirectly, whether granted now
          or in the future, and whether granted in the form of a security
          interest, mortgage, collateral mortgage, deed of trust, assignment,
          pledge, crop pledge, chattel mortgage, collateral chattel mortgage,
          chattel trust, factor's lien, equipment trust, conditional sale, trust
          receipt, lien, charge, lien or title retention contract, lease or
          consignment intended as a security device, or any other security or
          lien interest whatsoever, whether created by law, contract, or
          otherwise.

          EVENT OF DEFAULT. The words "Event of Default" mean any of the events
          of default set forth in this Agreement in the default section of this
          Agreement.

          GAAP. The word "GAAP" means generally accepted accounting principles.

          GRANTOR. The word "Grantor" means each and all of the persons or
          entities granting a Security Interest in any Collateral for the Loan,
          including without limitation all Borrowers granting such a Security
          Interest.

          GUARANTOR. The word "Guarantor" means any guarantor, surety, or
          accommodation party of any or all of the Loan.

          GUARANTY. The word "Guaranty" means the guaranty from Guarantor to
          Lender, including without limitation a guaranty of all or part of the
          Note.

          INDEBTEDNESS. The word "Indebtedness" means the indebtedness evidenced
          by the Note or Related Documents, including all principal and interest
          together with all other indebtedness and costs and expenses for which
          Borrower is responsible under this Agreement or under any of the
          Related Documents.

          LENDER. The word "Lender" means INDEPENDENT BANKERS' BANK OF FLORIDA,
          its successors and assigns.

          LOAN. The word "Loan" means any and all loans and financial
          accommodations from Lender to Borrower whether now or hereafter
          existing, and however evidenced, including without limitation those
          loans and financial accommodations described herein or described on
          any exhibit or schedule attached to this Agreement from time to time.

          NOTE. The word "Note" means the Note executed by Coast Financial
          Holdings, Inc. in the principal amount of $600,000.00 dated April 15,
          2003, together with all renewals of, extensions of, modifications of,
          refinancings of, consolidations of, and substitutions for the note or
          credit agreement.

          RELATED DOCUMENTS. The words "Related Documents" mean all promissory
          notes, credit agreements, loan agreements, environmental agreements,
          guaranties, security agreements, mortgages, deeds of trust, security
          deeds, collateral mortgages, and all other instruments, agreements and
          documents, whether now or hereafter existing, executed in connection
          with the Loan.

          SECURITY AGREEMENT. The words "Security Agreement" mean and include
          without limitation any agreements, promises, covenants, arrangements,
          understandings or other agreements, whether created by law, contract,
          or otherwise, evidencing, governing, representing, or creating a
          Security Interest.

          SECURITY INTEREST. The words "Security Interest" mean, without
          limitation, any and all types of collateral security, present and
          future, whether in the form of a lien, charge, encumbrance, mortgage,
          deed of trust, security deed, assignment, pledge, crop pledge, chattel
          mortgage, collateral chattel mortgage, chattel trust, factor's lien,
          equipment trust, conditional sale, trust receipt, lien or title
          retention contract, lease or consignment intended as a security
          device, or any other security or lien interest whatsoever whether
          created by law, contract, or otherwise.



<PAGE>



                             BUSINESS LOAN AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 4


     BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN
     AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS
     DATED APRIL 15, 2003.

     BORROWER:

     COAST FINANCIAL HOLDINGS, INC.

     BY: /s/ BRIAN PETERS
        -----------------------------------------------------
        BRIAN PETERS, EXECUTIVE VICE PRESIDENT OF COAST
        FINANCIAL HOLDINGS, INC.


     LENDER:

     INDEPENDENT BANKERS' BANK OF FLORIDA


     BY:
        -----------------------------------------------------
        AUTHORIZED SIGNER


<PAGE>



                     DISBURSEMENT REQUEST AND AUTHORIZATION

<TABLE>
<CAPTION>

 Principal         Loan Date         Maturity          Loan No            Call/Coll         Account       Officer     Initials

<S>               <C>               <C>               <C>               <C>               <C>              <C>        <C>
$600,000.00       04-15-2003        04-15-2005          1928              16StockBar                        03        /s/
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing "****" has been omitted due to text length limitations.

<TABLE>

<S>        <C>                                    <C>          <C>
BORROWER:  COAST FINANCIAL HOLDINGS, INC.          LENDER:     INDEPENDENT BANKERS' BANK OF FLORIDA
           POST OFFICE BOX 150                                 ATTENTION: CREDIT SERVICES
           BRANDENTON, FL                                      615 CRESCENT EXECUTIVE COURT SUITE 400
                                                               LAKE MARY, FL 32746
                                                               (407) 541-1620
</TABLE>

     LOAN TYPE. This is a Variable Rate Nondisclosable Revolving Line of Credit
     Loan to a Corporation for $600,000.00 due on April 15, 2005. The reference
     rate (Wall Street Journal Prime Rate as published in the "Money Section" of
     the Wall Street Journal, with an interest rate floor of 4.250%, and with an
     interest rate ceiling of 18.000%, currently 4.250%), resulting in an
     initial rate of 4.250.

     PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for:

           [ ] PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR PERSONAL INVESTMENT.
           [X] BUSINESS (INCLUDING REAL ESTATE INVESTMENT).

     SPECIFIC PURPOSE. The specific purpose of this loan is: Holding
     corporation formation expense and temporary capital.

     DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will
     be disbursed until all of Lender's conditions for making the loan have been
     satisfied. Please disburse the loan proceeds of $600,000.00 as follows:

            UNDISBURSED FUNDS:                               $600,000.00
                                                             -----------

            NOTE PRINCIPAL:                                  $600,000.00
                                                             -----------

     CHARGES PAID IN CASH. Borrower has paid or will pay in cash as agreed the
     following charges:

            PREPAID FINANCE CHARGES PAID IN CASH:                  $0.00

            OTHER CHARGES PAID IN CASH:                        $2,100.00
                                                             -----------
                $2,100.00 Documentary Stamps


            TOTAL CHARGES PAID IN CASH:                        $2,100.00

     FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND
     WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT
     AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL
     CONDITION AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO
     LENDER. THIS AUTHORIZATION IS DATED APRIL 15, 2003.



     BORROWER:

     COAST FINANCIAL HOLDINGS, INC.

     BY: /s/ BRIAN PETERS
        -----------------------------------------------------
        BRIAN PETERS, EXECUTIVE VICE PRESIDENT OF COAST
        FINANCIAL HOLDINGS, INC.


<PAGE>

                         IRREVOCABLE STOCK OR BOND POWER


FOR VALUE RECEIVED, the undersigned hereby sell, assign and transfer to _______
_______________________________________________________________________________



Please insert Social Security
or Taxpayer I.D. Number


FOR STOCKS, COMPLETE THIS PORTION: ______________ share(s) of the _____________
stock of ______________________________________________________________________
____________________ represented by Certificate No. ___________________________
__________________, standing in the name of the undersigned on the books of the
Company.

FOR BONDS, COMPLETE THIS PORTION: _________________________  bond(s) of ________
______________ in the principal amount of $___________________, No. ____________
_____________, standing in the name of the undersigned on the books of said
Company.


The undersigned hereby irrevocably constitute and appoint______________________
attorney to transfer the above stock or bond, as the case may be, on the books
of said Company, with full power of substitution in the premises.


DATED
      -------------------------


SIGNATURE(S) GUARANTEED BY:


SIGNATURE   /s/ BRIAN PETERS
          ---------------------------------


                           IMPORTANT - READ CAREFULLY

The signature(s) must correspond with the name(s) as written upon the face of
the certificate or bond in every particular without alteration or enlargement or
any change whatever, and must be guaranteed by a bank or registered securities
dealer.



<PAGE>

                                PROMISSORY NOTE


<TABLE>
<CAPTION>

 Principal         Loan Date         Maturity          Loan No            Call/Coll         Account       Officer     Initials

<S>               <C>               <C>               <C>               <C>               <C>              <C>        <C>
$600,000.00       04-15-2003        04-15-2005          1928              16StockBar                        03        /s/
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing "****" has been omitted due to text length limitations.

<TABLE>

<S>        <C>                                     <C>         <C>
BORROWER:  COAST FINANCIAL HOLDINGS, INC.          LENDER:     INDEPENDENT BANKERS' BANK OF FLORIDA
           POST OFFICE BOX 150                                 ATTENTION: CREDIT SERVICES
           BRANDENTON, FL                                      615 CRESCENT EXECUTIVE COURT SUITE 400
                                                               LAKE MARY, FL 32746
                                                               (407) 541-1620
</TABLE>


PRINCIPAL AMOUNT: $600,000   INITIAL RATE: 4.250%  DATE OF NOTE: APRIL 15, 2003

PROMISE TO PAY. COAST FINANCIAL HOLDINGS, INC. ("BORROWER") PROMISES TO PAY TO
INDEPENDENT BANKERS' BANK OF FLORIDA ("LENDER"), OR ORDER, IN LAWFUL MONEY
OF THE UNITED STATES OF AMERICA, THE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND &
00/100 DOLLARS ($600,000.00) OR SO MUCH AS MAY BE OUTSTANDING, TOGETHER WITH
INTEREST ON THE UNPAID OUTSTANDING PRINCIPAL BALANCE OF EACH ADVANCE. INTEREST
SHALL BE CALCULATED FROM THE DATE OF EACH ADVANCE UNTIL REPAYMENT OF EACH
ADVANCE. THE INTEREST RATE WILL NOT INCREASE ABOVE 18.000%.

PAYMENT. BORROWER WILL PAY THIS LOAN ON DEMAND. PAYMENT IN FULL IS DUE
IMMEDIATELY UPON LENDER'S DEMAND. IF NO DEMAND IS MADE, BORROWER WILL PAY THIS
LOAN IN ONE PAYMENT OF ALL OUTSTANDING PRINCIPAL PLUS ALL ACCRUED UNPAID
INTEREST ON APRIL 15, 2005. IN ADDITION, BORROWER WILL PAY REGULAR MONTHLY
PAYMENTS OF ALL ACCRUED UNPAID INTEREST DUE AS OF EACH PAYMENT DATE, BEGINNING
MAY 15, 2003, WITH ALL SUBSEQUENT INTEREST PAYMENTS TO BE DUE ON THE SAME DAY OF
EACH MONTH AFTER THAT. UNLESS OTHERWISE AGREED OR REQUIRED BY APPLICABLE LAW,
PAYMENTS WILL BE APPLIED FIRST TO ACCRUED UNPAID INTEREST, THEN TO PRINCIPAL,
AND ANY REMAINING AMOUNT TO ANY UNPAID COLLECTION COSTS AND LATE CHARGES. THE
ANNUAL INTEREST RATE FOR THIS NOTE IS COMPUTED ON A 365/360 BASIS; THAT IS, BY
APPLYING THE RATIO OF THE ANNUAL INTEREST RATE OVER A YEAR OF 360 DAYS,
MULTIPLIED BY THE OUTSTANDING PRINCIPAL BALANCE, MULTIPLIED BY THE ACTUAL NUMBER
OF DAYS THE PRINCIPAL BALANCE IS OUTSTANDING. BORROWER WILL PAY LENDER AT
LENDER'S ADDRESS SHOWN ABOVE OR AT SUCH OTHER PLACE AS LENDER MAY DESIGNATE IN
WRITING.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an independent index which is the Wall Street
Journal Prime Rate as published in the "Money Section" of the Wall Street
Journal (the "Index"). The Index is not necessarily the lowest rate charged by
Lender on its loans. If the Index becomes unavailable during the term of this
loan, Lender may designate a substitute index after notice to Borrower. Lender
will tell Borrower the current Index rate upon Borrower's request. The interest
rate change will not occur more often than each day. Borrower understands that
Lender may make loans based on other rates as well. THE INDEX CURRENTLY IS
4.250% PER ANNUM. THE INTEREST RATE TO BE APPLIED TO THE UNPAID PRINCIPAL
BALANCE OF THIS NOTE WILL BE AT A RATE EQUAL TO THE INDEX, ADJUSTED IF NECESSARY
FOR ANY MINIMUM AND MAXIMUM RATE LIMITATIONS DESCRIBED BELOW, RESULTING IN AN
INITIAL RATE OF 4.250% PER ANNUM. NOTWITHSTANDING THE FOREGOING, THE VARIABLE
INTEREST RATE OR RATES PROVIDED FOR IN THIS NOTE WILL BE SUBJECT TO THE
FOLLOWING MINIMUM AND MAXIMUM RATES. NOTICE: Under no circumstances will the
effective rate of interest on this Note be less than 4.250% per annum or more
than (except for any higher default rate shown below) the lesser of 18.000% per
annum or the maximum rate allowed by applicable law.

PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed
earlier than it is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower of Borrower's obligation to continue to make payments
of accrued unpaid interest. Rather, early payments will reduce the principal
balance due. Borrower agrees not to send Lender payments marked "paid in full",
"without recourse", or similar language. If Borrower sends such a payment,
Lender may accept it without losing any of Lender's rights under this Note, and
Borrower will remain obligated to pay any further amount owed to Lender. All
written communications concerning disputed amounts, including any check or other
payment instrument that indicates that the payment constitutes "payment in full"
of the amount owed or that is tendered with other conditions or limitations or
as full satisfaction of a disputed amount must be mailed or delivered to:
INDEPENDENT BANKERS BANK, 615 Crescent Executive Court Suite 400 Lake Mary, FL
32746.

LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged
5.000% of the regularly scheduled payment.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
maturity, Lender, at its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 18.000% per annum, if and to
the extent that the increase does not cause the interest rate to exceed the
maximum rate permitted by applicable law.

LENDER'S RIGHTS. Upon Lender's demand, Lender may declare the entire unpaid
principal balance on this Note and all accrued unpaid interest immediately due,
and then Borrower will pay that amount.

ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect
this Note if Borrower does not pay. Borrower will pay Lender the amount of
these costs and expenses, which includes, subject to any limits under applicable
law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or
not there is a lawsuit, including reasonable attorneys' fees and legal expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic
stay or injunction), and appeals. If not prohibited by applicable law, Borrower
also will pay any court costs, in addition to all other sums provided by law.

JURY WAIVER. LENDER AND BORROWER HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY
ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR BORROWER AGAINST
THE OTHER.

GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, CONSTRUED AND ENFORCED IN
ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF FLORIDA. THIS NOTE HAS
BEEN ACCEPTED BY LENDER IN THE STATE OF FLORIDA.

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to
submit to the jurisdiction of the courts of Seminole County, State of Florida.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to
the extent permitted by applicable law, to charge or setoff all sums owing on
the indebtedness against any and all such accounts.

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under
this Note may be requested orally by Borrower or as provided his paragraph. All
oral requests shall be confirmed in writing on the day of the request. All
communications, instructions, or directions by telephone or otherwise to Lender
are to be directed to Lender's office shown above. The following person
currently is authorized to request advances and authorize payments under the
line of credit until Lender receives from Borrower, at Lender's address shown
above, written notice of evocation of his or her authority: BRIAN PETERS,
EXECUTIVE VICE PRESIDENT. Borrower agrees to be liable for all sums either: (A)
advanced in accordance with the instructions of an authorized person or (B)
credited to any of Borrower's accounts with Lender. The unpaid principal balance
owing on this Note at any time may be evidenced by endorsements on this Note or
by Lender's internal records, including daily

<PAGE>



                                 PROMISSORY NOTE
LOAN NO: 1928                      (CONTINUED)                           PAGE 2



     computer print-outs. Lender will have no obligation to advance funds under
     this Note if: (A) Borrower or any guarantor is in default under the terms
     of this Note or any agreement that Borrower or any guarantor has with
     Lender, including any agreement made in connection with the signing of this
     Note; (B) Borrower or any guarantor ceases doing business or is insolvent;
     (C) any guarantor seeks, claims or otherwise attempts to limit, modify or
     revoke such guarantor's guarantee of this Note or any other loan with
     Lender; (D) Borrower has applied funds provided pursuant to this Note for
     purposes other than those authorized by Lender; or (E) LENDER IN GOOD FAITH
     BELIEVES ITSELF INSECURE.

     SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower,
     and upon Borrower's heirs, personal representatives, successors and
     assigns, and shall inure to the benefit of Lender and its successors and
     assigns.

     NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING
     AGENCIES. Please notify us if we report any inaccurate information about
     your account(s) to a consumer reporting agency. Your written notice
     describing the specific inaccuracy(ies) should be sent to us at the
     following address: INDEPENDENT BANKERS BANK 615 Crescent Executive Court
     Suite 400 Lake Mary, FL 32746

     GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact
     will not affect the rest of the Note. Borrower does not agree or intend to
     pay, and Lender does not agree or intend to contract for, charge, collect,
     take, reserve or receive (collectively referred to herein as "charge or
     collect"), any amount in the nature of interest or in the nature of a fee
     for this loan, which would in any way or event (including demand,
     prepayment, or acceleration) cause Lender to charge or collect more for
     this loan than the maximum Lender would be permitted to charge or collect
     by federal law or the law of the State of Florida (as applicable). Any such
     excess interest or unauthorized fee shall, instead of anything stated to
     the contrary, be applied first to reduce the principal balance of this
     loan, and when the principal has been paid in full, be refunded to
     Borrower. Lender may delay or forgo enforcing any of its rights or remedies
     under this Note without losing them. Borrower and any other person who
     signs, guarantees or endorses this Note, to the extent allowed by law,
     waive presentment, demand for payment, and notice of dishonor. Upon any
     change in the terms of this Note, and unless otherwise expressly stated in
     writing, no party who signs this Note, whether as maker, guarantor,
     accommodation maker or endorser, shall be released from liability. All such
     parties agree that Lender may renew or extend (repeatedly and for any
     length of time) this loan or release any party or guarantor or collateral;
     or impair, fail to realize upon or perfect Lender's security interest in
     the collateral; and take any other action deemed necessary by Lender
     without the consent of or notice to anyone. All such parties also agree
     that Lender may modify this loan without the consent of or notice to anyone
     other than the party with whom the modification is made. The obligations
     under this Note are joint and several.

     PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
     OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER
     AGREES TO THE TERMS OF THE NOTE.

     BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

     BORROWER:

     COAST FINANCIAL HOLDINGS, INC.

     BY: /s/ BRIAN PETERS
        -----------------------------------------------------
        BRIAN PETERS, EXECUTIVE VICE PRESIDENT OF COAST
        FINANCIAL HOLDINGS, INC.






<PAGE>

                                   EXHIBIT "A"

<TABLE>
<CAPTION>

 Principal         Loan Date         Maturity          Loan So            Call/Coll         Account       Officer     Initials

<S>               <C>               <C>               <C>               <C>               <C>              <C>        <C>
$600,000.00       04-15-2003        04-15-2005          1928              16StockBar                        03
</TABLE>


  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing "****" has been omitted due to text length limitations.

<TABLE>
<CAPTION>

<S>        <C>                                     <C>         <C>
BORROWER:  COAST FINANCIAL HOLDINGS, INC.          LENDER:     INDEPENDENT BANKERS' BANK OF FLORIDA
           POST OFFICE BOX 150                                 ATTENTION: CREDIT SERVICES
           BRANDENTON, FL                                      615 CRESCENT EXECUTIVE COURT SUITE 400
                                                               LAKE MARY, FL 32746
                                                               (407) 541-1620
</TABLE>

     THIS EXHIBIT "A" IS ATTACHED TO AND BY THIS REFERENCE IS MADE A PART OF THE
     PROMISSORY NOTE, DATED APRIL 15, 2003, AND EXECUTED IN CONNECTION WITH A
     LOAN OR OTHER FINANCIAL ACCOMMODATIONS BETWEEN INDEPENDENT BANKERS' BANK OF
     FLORIDA AND COAST FINANCIAL HOLDINGS, INC.

     State of Florida
     COUNTY OF____________

    SWORN TO AND SUBSCRIBED TO BEFORE ME THIS __________ DAY OF _______________,
2003, BY BRIAN PETERS AS AN OFFICER OF COAST BANK OF FLORIDA. HE IS PERSONALLY
KNOWN TO ME OR HAS PRODUCED HIS _______________________ AS IDENTIFICATION.


NOTARY SEAL:    ------------------------------------------------
                SIGNATURE OF NOTARY
                STATE OF FLORIDA
                MY COMMISSION EXPIRES.

THIS EXHIBIT "A" IS EXECUTED ON APRIL 15, 2003.

BORROWER:

COAST FINANCIAL HOLDINGS, INC.

By:
   _________________________________________
   BRIAN PETERS, EXECUTIVE VICE PRESIDENT OF
   COAST FINANCIAL HOLDINGS, INC.



<PAGE>


                           COMMERCIAL PLEDGE AGREEMENT
<TABLE>
<CAPTION>

 Principal         Loan Date         Maturity          Loan No            Call/Coll         Account       Officer     Initials

<S>               <C>               <C>               <C>               <C>               <C>              <C>        <C>
$600,000.00       04-15-2003        04-15-2005          1928              16StockBar                        03          /s/
</TABLE>

  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing "***" has been omitted due to text length limitations.

<TABLE>

<S>                                                <C>
GRANTOR:   COAST FINANCIAL HOLDINGS, INC.          LENDER:     INDEPENDENT BANKERS' BANK OF FLORIDA
           POST OFFICE BOX 150                                 ATTENTION: CREDIT SERVICES
           BRANDENTON, FL                                      615 CRESCENT EXECUTIVE COURT SUITE 400
                                                               LAKE MARY, FL 32746
                                                               (407) 541-1620
</TABLE>

     THIS COMMERCIAL PLEDGE AGREEMENT DATED APRIL 15, 2003, IS MADE AND EXECUTED
     BETWEEN COAST FINANCIAL HOLDINGS, INC. ("GRANTOR") AND INDEPENDENT BANKERS'
     BANK OF FLORIDA ("LENDER").

     GRANT OF SECURITY INTEREST. FOR VALUABLE CONSIDERATION, GRANTOR GRANTS TO
     LENDER A SECURITY INTEREST IN THE COLLATERAL TO SECURE THE INDEBTEDNESS AND
     AGREES THAT LENDER SHALL HAVE THE RIGHTS STATED IN THIS AGREEMENT WITH
     RESPECT TO THE COLLATERAL, IN ADDITION TO ALL OTHER RIGHTS WHICH LENDER MAY
     HAVE BY LAW.

     COLLATERAL DESCRIPTION. The word "Collateral" as used in this Agreement
     means Grantor's present and future rights, title and interest in and to,
     together with any and all present and future additions thereto,
     substitutions therefore, and replacements thereof, together with any and
     all present and future certificates and/or instruments evidencing any Stock
     and further together with all Income and Proceeds as described herein:

          100% OF THE COMMON STOCK OF COAST BANK OF FLORIDA AND ALL
          SUBSTITUTIONS, REPLACEMENTS AND PROCEEDS THEREOF

     RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves
     a right of setoff in all Grantor's accounts with Lender (whether checking,
     savings, or some other account). This includes all accounts Grantor holds
     jointly with someone else and all accounts Grantor may open in the future.
     However, this does not include any IRA or Keogh accounts, or any trust
     accounts for which setoff would be prohibited by law. Grantor authorizes
     Lender, to the extent permitted by applicable law, to charge or setoff all
     sums owing on the Indebtedness against any and all such accounts.

     REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. Grantor
     represents and warrants to Lender that:

          OWNERSHIP. Grantor is the lawful owner of the Collateral free and
          clear of all security interests, liens, encumbrances and claims of
          others except as disclosed to and accepted by Lender in writing prior
          to execution of this Agreement.

          RIGHT TO PLEDGE. Grantor has the full right, power and authority to
          enter into this Agreement and to pledge the Collateral.

          AUTHORITY; BINDING EFFECT. Grantor has the full right, power and
          authority to enter into this Agreement and to grant a security
          interest in the Collateral to Lender. This Agreement is binding upon
          Grantor as well as Grantor's successors and assigns, and is legally
          enforceable in accordance with its terms. The foregoing
          representations and warranties, and all other representations and
          warranties contained in this Agreement are and shall be continuing in
          nature and shall remain in full force and effect until such time as
          this Agreement is terminated or cancelled as provided herein.

          NO FURTHER ASSIGNMENT. Grantor has not, and shall not, sell, assign,
          transfer, encumber or otherwise dispose of any of Grantor's rights in
          the Collateral except as provided in this Agreement.

          NO DEFAULTS. There are no defaults existing under the Collateral, and
          there are no offsets or counterclaims to the same. Grantor will
          strictly and promptly perform each of the terms, conditions, covenants
          and agreements, if any, contained in the Collateral which are to be
          performed by Grantor.

          NO VIOLATION. The execution and delivery of this Agreement will not
          violate any law or agreement governing Grantor or to which Grantor is
          a party, and its certificate or articles of incorporation and bylaws
          do not prohibit any term or condition of this Agreement.

          FINANCING STATEMENTS. Grantor authorizes Lender to file a UCC-1
          financing statement, or alternatively, a copy of this Agreement to
          perfect Lender's security interest. At Lender's request, Grantor
          additionally agrees to sign all other documents that are necessary to
          perfect, protect, and continue Lender's security interest in the
          Property. Grantor will pay all filing fees, title transfer fees, and
          other fees and costs involved unless prohibited by law or unless
          Lender is required by law to pay such fees and costs. Grantor
          irrevocably appoints Lender to execute financing statements and
          documents of title in Grantor's name and to execute all documents
          necessary to transfer title if there is a default. Lender may file a
          copy of this Agreement as a financing statement. If Grantor changes
          Grantor's name or address, or the name or address of any person
          granting a security interest under this Agreement changes, Grantor
          will promptly notify the Lender of such change.

     LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL. Lender may
     hold the Collateral until all Indebtedness has been paid and satisfied.
     Thereafter Lender may deliver the Collateral to Grantor or to any other
     owner of the Collateral. Lender shall have the following rights in addition
     to all other rights Lender may have by law:

          MAINTENANCE AND PROTECTION OF COLLATERAL. Lender may, but shall not
          be obligated to, take such steps as it deems necessary or desirable
          to protect, maintain, insure, store, or care for the Collateral,
          including paying of any liens or claims against the Collateral. This
          may include such things as hiring other people, such as attorneys,
          appraisers or other experts. Lender may charge Grantor for any cost
          incurred in so doing. When applicable law provides more than one
          method of perfection of Lender's security interest, Lender may choose
          the method(s) to be used. If the Collateral consists of stock, bonds
          or other investment property for which no certificate has been
          issued, Grantor agrees, at Lender's request, either to request
          issuance of an appropriate certificate or to give instructions on
          Lender's forms to the issuer, transfer agent, mutual fund company, or
          broker, as the case may be, to record on its books or records
          Lender's security interest in the Collateral.

          INCOME AND PROCEEDS FROM THE COLLATERAL. Lender may receive all Income
          and Proceeds and add it to the Collateral. Grantor agrees to deliver
          to Lender immediately upon receipt, in the exact form received and
          without commingling with other property, all Income and Proceeds from
          the Collateral which may be received by, paid, or delivered to Grantor
          or for Grantor's account, whether as an addition to, in discharge of,
          in substitution of, or in exchange for any of the Collateral.

          APPLICATION OF CASH. At Lender's option, Lender may apply any cash,
          whether included in the Collateral or received as Income and Proceeds
          or through liquidation, sale, or retirement, of the Collateral, to the
          satisfaction of the Indebtedness or such portion thereof as Lender
          shall choose, whether or not matured.

          TRANSACTIONS WITH OTHERS. Lender may (1) extend time for payment or
          other performance, (2) grant a renewal or change in terms or


<PAGE>

                          COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 2


    conditions, or (3) compromise, compound or release any obligation, with any
    one or more Obligors, endorsers, or Guarantors of the Indebtedness as Lender
    deems advisable, without obtaining the prior written consent of Grantor, and
    no such act or failure to act shall affect Lender's rights against Grantor
    or the Collateral.

    ALL COLLATERAL SECURES INDEBTEDNESS. All Collateral shall be security for
    the Indebtedness, whether the Collateral is located at one or more offices
    or branches of Lender. This will be the case whether or not the office or
    branch where Grantor obtained Grantor's loan knows about the Collateral or
    relies upon the Collateral as security.

    COLLECTION OF COLLATERAL. Lender at Lender's option may, but need not,
    collect the Income and Proceeds directly from the Obligors. Grantor
    authorizes and directs the Obligors, if Lender decides to collect the Income
    and Proceeds, to pay and deliver to Lender all Income and Proceeds from the
    Collateral and to accept Lender's receipt for the payments.

    POWER OF ATTORNEY. Grantor irrevocably appoints Lender as Grantor's
    attorney-in-fact, with full power of substitution, (a) to demand, collect,
    receive, receipt for, sue and recover all Income and Proceeds and other sums
    of money and other property which may now or hereafter become due, owing or
    payable from the Obligors in accordance with the terms of the Collateral;
    (b) to execute, sign and endorse any and all instruments, receipts, checks,
    drafts and warrants issued in payment for the Collateral; (c) to settle or
    compromise any and all claims arising under the Collateral, and in the place
    and stead of Grantor, execute and deliver Grantor's release and acquittance
    for Grantor; (d) to file any claim or claims or to take any action or
    institute or take part in any proceedings, either in Lender's own name or in
    the name of Grantor, or otherwise, which in the discretion of Lender may
    seem to be necessary or advisable; and (e) to execute in Grantor's name and
    to deliver to the Obligors on Grantor's behalf, at the time and in the
    manner specified by the Collateral, any necessary instruments or documents.

    PERFECTION OF SECURITY INTEREST. Upon Lender's request, Grantor will deliver
    to Lender any and all of the documents evidencing or constituting the
    Collateral. When applicable law provides more than one method of perfection
    of Lender's security interest, Lender may choose the method(s) to be used.
    Upon Lender's request, Grantor will sign and deliver any writings necessary
    to perfect Lender's security interest. If any of the Collateral consists of
    securities for which no certificate has been issued, Grantor agrees, at
    Lender's option, either to request issuance of an appropriate certificate or
    to execute appropriate instructions on Lender's forms instructing the
    issuer, transfer agent, mutual fund company, or broker, as the case may be,
    to record on its books or records, by book-entry or otherwise, Lender's
    security interest in the Collateral. Grantor hereby appoints Lender as
    Grantor's irrevocable attorney-in-fact for the purpose of executing any
    documents necessary to perfect, amend, or to continue the security interest
    granted in this Agreement or to demand termination of filings of other
    secured parties. THIS IS A CONTINUING SECURITY AGREEMENT AND WILL CONTINUE
    IN EFFECT EVEN THOUGH ALL OR ANY PART OF THE INDEBTEDNESS IS PAID IN FULL
    AND EVEN THOUGH FOR A PERIOD OF TIME GRANTOR MAY NOT BE INDEBTED TO LENDER.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would
materially affect Lender's interest in the Collateral or if Grantor fails to
comply with any provision of this Agreement or any Related Documents, including
but not limited to Grantor's failure to discharge or pay when due any amounts
Grantor is required to discharge or pay under this Agreement or any Related
Documents, Lender on Grantor's behalf may (but shall not be obligated to) take
any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and
other claims, at any time levied or placed on the Collateral and paying all
costs for insuring, maintaining and preserving the Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear
interest at the rate charged under the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses will become a
part of the Indebtedness and, at Lender's option, will (A) be payable on demand;
(B) be added to the balance of the Note and be apportioned among and be
payable with any installment payments to become due during either (1) the term
of any applicable insurance policy; or (2) the remaining term of the Note; or
(C) be treated as a balloon payment which will be due and payable at the Note's
maturity. The Agreement also will secure payment of these amounts. Such right
shall be in addition to all other rights and remedies to which Lender may be
entitled upon Default.

LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable care
in the physical preservation and custody of the Collateral in Lender's
possession, but shall have no other obligation to protect the Collateral or its
value. In particular, but without limitation, Lender shall have no
responsibility for (A) any depreciation in value of the Collateral or for the
collection or protection of any Income and Proceeds from the Collateral, (B)
preservation of rights against parties to the Collateral or against third
persons, (C) ascertaining any maturities, calls, conversions, exchanges, offers,
tenders, or similar matters relating to any of the Collateral, or (D) informing
Grantor about any of the above, whether or not Lender has or is deemed to have
knowledge of such matters. Except as provided above, Lender shall have no
liability for depreciation or deterioration of the Collateral.

DEFAULT. Default will occur if payment in full is not made immediately when due.

RIGHTS AND REMEDIES ON DEFAULT. If Default occurs under this Agreement, at any
time thereafter, Lender may exercise any one or more of the following rights
and remedies:

     ACCELERATE INDEBTEDNESS. Declare all Indebtedness, including any prepayment
     penalty which Grantor would be required to pay, immediately due and
     payable, without notice of any kind to Grantor.

     COLLECT THE COLLATERAL. Collect any of the Collateral and, at Lender's
     option and to the extent permitted by applicable law, retain possession of
     the Collateral while suing on the Indebtedness.

     SELL THE COLLATERAL. Sell the Collateral, at Lender's discretion, as a unit
     or in parcels, at one or more public or private sales. Unless the
     Collateral is perishable or threatens to decline speedily in value or is of
     a type customarily sold on a recognized market, Lender shall give or mail
     to Grantor, and other persons as required by law, notice at least ten (10)
     days in advance of the time and place of any public sale, or of the time
     after which any private sale may be made. However, no notice need be
     provided to any person who, after Default occurs, enters into and
     authenticates an agreement waiving that person's right to notification of
     sale. Grantor agrees that any requirement of reasonable notice as to
     Grantor is satisfied if Lender mails notice by ordinary mail addressed to
     Grantor at the last address Grantor has given Lender in writing. If a
     public sale is held, there shall be sufficient compliance with all
     requirements of notice to the public by a single publication in any
     newspaper of general circulation in the county where the Collateral is
     located, setting forth the time and place of sale and a brief description
     of the property to be sold. Lender may be a purchaser at any public sale.

     SELL SECURITIES. Sell any securities included in the Collateral in a manner
     consistent with applicable federal and state securities laws. If, because
     of restrictions under such laws, Lender is unable, or believes Lender is
     unable, to sell the securities in an open market transaction, Grantor
     agrees that Lender will have no obligation to delay sale until the
     securities can be registered. Then Lender may make a private sale to one or
     more persons or to a restricted group of persons, even though such sale may
     result in a price that is less favorable than might be obtained in an open
     market transaction. Such a sale will be considered commercially reasonable.
     If any securities held as Collateral are "restricted securities" as defined
     in the Rules of the Securities and Exchange Commission (such as Regulation
     D or Rule 144) or the rules of



<PAGE>

                          COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 3


     state securities departments under state "Blue Sky" laws, or if Grantor or
     any other owner of the Collateral is an affiliate of the issuer of the
     securities, Grantor agrees that neither Grantor, nor any member of
     Grantor's family, nor any other person signing this Agreement will sell or
     dispose of any securities of such issuer without obtaining Lender's prior
     written consent.

     RIGHTS AND REMEDIES WITH RESPECT TO INVESTMENT PROPERTY, FINANCIAL ASSETS
     AND RELATED COLLATERAL. In addition to other rights and remedies granted
     under this Agreement and under applicable law, Lender may exercise any or
     all of the following rights and remedies: (1) register with any issuer or
     broker or other securities intermediary any of the Collateral consisting of
     investment property or financial assets (collectively herein, "investment
     property") in Lender's sole name or in the name of Lender's broker, agent
     or nominee; (2) cause any issuer, broker or other securities intermediary
     to deliver to Lender any of the Collateral consisting of securities, or
     investment property capable of being delivered; (3) enter into a control
     agreement or power of attorney with any issuer or securities intermediary
     with respect to any Collateral consisting of investment property, on such
     terms as Lender may deem appropriate, in its sole discretion, including
     without limitation, an agreement granting to Lender any of the rights
     provided hereunder without further notice to or consent by Grantor; (4)
     execute any such control agreement on Grantor's behalf and in Grantor's
     name, and hereby irrevocably appoints Lender as agent and attorney-in-fact,
     coupled with an interest, for the purpose of executing such control
     agreement on Grantor's behalf; (5) exercise any and all rights of Lender
     under any such control agreement or power of attorney; (6) exercise any
     voting, conversion, registration, purchase, option, or other rights with
     respect to any Collateral; (7) collect, with or without legal action, and
     issue receipts concerning any notes, checks, drafts, remittances or
     distributions that are paid or payable with respect to any Collateral
     consisting of investment property. Any control agreement entered with
     respect to any investment property shall contain the following provisions,
     at Lender's discretion. Lender shall be authorized to instruct the issuer,
     broker or other securities intermediary to take or to refrain from taking
     such actions with respect to the investment property as Lender may
     instruct, without further notice to or consent by Grantor. Such actions may
     include without limitation the issuance of entitlement orders, account
     instructions, general trading or buy or sell orders, transfer and
     redemption orders, and stop loss orders. Lender shall be further entitled
     to instruct the issuer, broker or securities intermediary to sell or to
     liquidate any investment property, or to pay the cash surrender or account
     termination value with respect to any and all investment property, and to
     deliver all such payments and liquidation proceeds to Lender. Any such
     control agreement shall contain such authorizations as are necessary to
     place Lender in "control" of such investment collateral, as contemplated
     under the provisions of the Uniform Commercial Code, and shall fully
     authorize Lender to issue "entitlement orders" concerning the transfer,
     redemption, liquidation or disposition of investment collateral, in
     conformance with the provisions of the Uniform Commercial Code.

     FORECLOSURE. Maintain a judicial suit for foreclosure and sale of the
     Collateral.

     TRANSFER TITLE. Effect transfer of title upon sale of all or part of the
     Collateral. For this purpose, Grantor irrevocably appoints Lender as
     Grantor's attorney-in-fact to execute endorsements, assignments and
     instruments in the name of Grantor and each of them (if more than one) as
     shall be necessary or reasonable.

     OTHER RIGHTS AND REMEDIES. Have and exercise any or all of the rights and
     remedies of a secured creditor under the provisions of the Uniform
     Commercial Code, at law, in equity, or otherwise.

     APPLICATION OF PROCEEDS. Apply any cash which is part of the Collateral, or
     which is received from the collection or sale of the Collateral, to
     reimbursement of any expenses, including any costs for registration of
     securities, commissions incurred in connection with a sale, reasonable
     attorneys' fees and court costs, whether or not there is a lawsuit and
     including any fees on appeal, incurred by Lender in connection with the
     collection and sale of such Collateral and to the payment of the
     Indebtedness of Grantor to Lender, with any excess funds to be paid to
     Grantor as the interests of Grantor may appear. Grantor agrees, to the
     extent permitted by law, to pay any deficiency after application of the
     proceeds of the Collateral to the Indebtedness.

     ELECTION OF REMEDIES. Except as may be prohibited by applicable law, all of
     Lender's rights and remedies, whether evidenced by this Agreement, the
     Related Documents, or by any other writing, shall be cumulative and may be
     exercised singularly or concurrently. Election by Lender to pursue any
     remedy shall not exclude pursuit of any other remedy, and an election to
     make expenditures or to take action to perform an obligation of Grantor
     under this Agreement, after Grantor's failure to perform, shall not affect
     Lender's right to declare a default and exercise its remedies.

PROVISION #1. Bank to maintain a positive ROA and Tier 1 capital of at least 7%
as of the end of each calendar quarter.

PROVISION #2. Receipt of the audited consolidated and consolidating financial
statement of borrower and Coast Bank of Florida within 120 days of fiscal year
end and internally prepared quarterly statements of same within 45 days of the
end of each calendar quarter.

PROVISION #3. Two years interest reserve will be blocked from availability
(assume 7.0%, $300M average balance outstanding).

PROVISION #4. All request for draws under this facility must be accompanied by
evidence of prior approval for borrowing by the Federal Reserve Bank.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Agreement:

     AMENDMENTS. This Agreement, together with any Related Documents,
     constitutes the entire understanding and agreement of the parties as to the
     matters set forth in this Agreement. No alteration of or amendment to this
     Agreement shall be effective unless given in writing and signed by the
     party or parties sought to be charged or bound by the alteration or
     amendment.

     ATTORNEYS' FEES; EXPENSES. Grantor agrees to pay upon demand all of
     Lender's costs and expenses, including Lender's reasonable attorneys' fees
     and Lender's legal expenses, incurred in connection with the enforcement of
     this Agreement. Lender may hire or pay someone else to help enforce this
     Agreement, and Grantor shall pay the costs and expenses of such
     enforcement. Costs and expenses include Lender's reasonable attorneys' fees
     and legal expenses whether or not there is a lawsuit, including reasonable
     attorneys' fees and legal expenses for bankruptcy proceedings (including
     efforts to modify or vacate any automatic stay or injunction), appeals, and
     any anticipated post-judgment collection services. Grantor also shall pay
     all court costs and such additional fees as may be directed by the court.

     CAPTION HEADINGS. Caption headings in this Agreement are for convenience
     purposes only and are not to be used to interpret or define the provisions
     of this Agreement.

     GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY, CONSTRUED AND ENFORCED
     IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF FLORIDA. THIS
     AGREEMENT HAS BEEN ACCEPTED BY LENDER IN THE STATE OF FLORIDA.

     CHOICE OF VENUE. If there is a lawsuit, Grantor agrees upon Lender's
     request to submit to the jurisdiction of the courts of Seminole County,
     State of Florida.




<PAGE>


                          COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 4


     NO WAIVER BY LENDER. Lender shall not be deemed to have waived any rights
     under this Agreement unless such waiver is given in writing and signed by
     Lender. No delay or omission on the part of Lender in exercising any right
     shall operate as a waiver of such right or any other right. A waiver by
     Lender of a provision of this Agreement shall not prejudice or constitute a
     waiver of Lender's right otherwise to demand strict compliance with that
     provision or any other provision of this Agreement. No prior waiver by
     Lender, nor any course of dealing between Lender and Grantor, shall
     constitute a waiver of any of Lender's rights or of any of Grantor's
     obligations as to any future transactions. Whenever the consent of Lender
     is required under this Agreement, the granting of such consent by Lender in
     any instance shall not constitute continuing consent to subsequent
     instances where such consent is required and in all cases such consent may
     be granted or withheld in the sole discretion of Lender.

     NOTICES. Any notice required to be given under this Agreement shall be
     given in writing, and shall be effective when actually delivered, when
     actually received by telefacsimile (unless otherwise required by law), when
     deposited with a nationally recognized overnight courier, or, if mailed,
     when deposited in the United States mail, as first class, certified or
     registered mail postage prepaid, directed to the addresses shown near the
     beginning of this Agreement. Any party may change its address for notices
     under this Agreement by giving written notice to the other parties,
     specifying that the purpose of the notice is to change the party's address.
     For notice purposes, Grantor agrees to keep Lender informed at all times of
     Grantor's current address. Unless otherwise provided or required by law, if
     there is more than one Grantor, any notice given by Lender to any Grantor
     is deemed to be notice given to all Grantors.

     SEVERABILITY. If a court of competent jurisdiction finds any provision of
     this Agreement to be illegal, invalid, or unenforceable as to any
     circumstance, that finding shall not make the offending provision illegal,
     invalid, or unenforceable as to any other circumstance. If feasible, the
     offending provision shall be considered modified so that it becomes legal,
     valid and enforceable. If the offending provision cannot be so modified, it
     shall be considered deleted from this Agreement. Unless otherwise required
     by law, the illegality, invalidity, or unenforceability of any provision of
     this Agreement shall not affect the legality, validity or enforceability of
     any other provision of this Agreement.

     SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this Agreement
     on transfer of Grantor's interest, this Agreement shall be binding upon and
     inure to the benefit of the parties, their successors and assigns. If
     ownership of the Collateral becomes vested in a person other than Grantor,
     Lender, without notice to Grantor, may deal with Grantor's successors with
     reference to this Agreement and the Indebtedness by way of forbearance or
     extension without releasing Grantor from the obligations of this Agreement
     or liability under the Indebtedness.

     TIME IS OF THE ESSENCE. Time is of the essence in the performance of this
     Agreement.

     WAIVE JURY. ALL PARTIES TO THIS AGREEMENT HEREBY WAIVE THE RIGHT TO ANY
     JURY TRIAL IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT BY ANY PARTY
     AGAINST ANY OTHER PARTY.

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of
the United States of America. Words and terms used in the singular shall include
the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the
meanings attributed to such terms in the Uniform Commercial Code:

     AGREEMENT. The word "Agreement" means this Commercial Pledge Agreement, as
     this Commercial Pledge Agreement may be amended or modified from time to
     time, together with all exhibits and schedules attached to this Commercial
     Pledge Agreement from time to time.

     BORROWER. The word "Borrower" means Coast Financial Holdings, Inc., and all
     other persons and entities signing the Note in whatever capacity.

     COLLATERAL. The word "Collateral" means all of Grantor's right, title and
     interest in and to all the Collateral as described in the Collateral
     Description section of this Agreement.

     DEFAULT. The word "Default" means the Default set forth in this Agreement
     in the section titled "Default".

     GRANTOR. The word "Grantor" means Coast Financial Holdings, Inc..

     INCOME AND PROCEEDS. The words "Income and Proceeds" mean all present and
     future income, proceeds, earnings, increases, and substitutions from or for
     the Collateral of every kind and nature, including without limitation all
     payments, interest, profits, distributions, benefits, rights, options,
     warrants, dividends, stock dividends, stock splits, stock rights,
     regulatory dividends, subscriptions, monies, claims for money due and to
     become due, proceeds of any insurance on the Collateral, shares of stock of
     different par value or no par value issued in substitution or exchange for
     shares included in the Collateral, and all other property Grantor is
     entitled to receive on account of such Collateral, including accounts,
     documents, instruments, chattel paper, and general intangibles.

     INDEBTEDNESS. The word "Indebtedness" means the indebtedness evidenced by
     the Note or Related Documents, including all principal and interest
     together with all other indebtedness and costs and expenses for which
     Grantor is responsible under this Agreement or under any of the Related
     Documents.

     LENDER. The word "Lender" means INDEPENDENT BANKERS' BANK OF FLORIDA, its
     successors and assigns.

     NOTE. The word "Note" means the Note executed by Coast Financial Holdings,
     Inc. in the principal amount of $600,000.00 dated April 15, 2003, together
     with all renewals of, extensions of, modifications of, refinancings of,
     consolidations of, and substitutions for the note or credit agreement.

     OBLIGOR. The word "Obligor" means without limitation any and all persons
     obligated to pay money or to perform some other act under the Collateral.

     PROPERTY. The word "Property" means all of Grantor's right, title and
     interest in and to all the Property as described in the "Collateral
     Description" section of this Agreement.

     RELATED DOCUMENTS. The words "Related Documents" mean all promissory notes,
     credit agreements, loan agreements, environmental agreements, guaranties,
     security agreements, mortgages, deeds of trust, security deeds, collateral
     mortgages, and all other instruments, agreements and documents, whether now
     or hereafter existing, executed in connection with the Indebtedness.

GRANTOR HAS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL PLEDGE
AGREEMENT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED APRIL 15, 2003.

<PAGE>



                          COMMERCIAL PLEDGE AGREEMENT
LOAN NO: 1928                      (CONTINUED)                           PAGE 5


     GRANTOR:

     COAST FINANCIAL HOLDINGS, INC.

     BY: /s/ Brian Peters
        -----------------------------------------------------
        BRIAN PETERS, EXECUTIVE VICE PRESIDENT OF COAST
        FINANCIAL HOLDINGS, INC.