<PAGE>

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

                                   FORM 10-K

(Mark one):   [X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

                     For the fiscal year ended December 31, 2000

                                      OR

              [_]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

                     For the transition period from _________ to _________

                         Commission file number 0-14087


                           FIRST COASTAL CORPORATION
            -----------------------------------------------------
            (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                   <C>
                 Delaware                                         06-1177661
------------------------------------------------       ---------------------------------
(State or other jurisdiction of incorporation or       (IRS Employer Identification No.)
              organization

     1200 Congress Street, Portland, Maine                       04102
    ---------------------------------------                      -----
   (Address of principal executive offices)                    (Zip Code)

                                      (207) 774-5000
                  ----------------------------------------------------
                  (Registrant's telephone number, including area code)

         Securities registered pursuant to Section 12(b) of the Act: Not applicable

Securities registered pursuant to Section 12(g) of the Act:   Common Stock, $1.00 par value per share
                                                              ---------------------------------------
                                                                      (Title of Class)
</TABLE>

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [_]

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-K or any amendment to this
Form 10-K [_]

     Based upon the closing price of the registrant's Common Stock as of March
14, 2001, the aggregate market value of the Common Stock held by nonaffiliates
was $13,497,626

     As of the close of business on March 14, 2001, there were 1,199,789 shares
of the registrant's Common Stock, par value $1.00 value per share, outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE

     Portions of the Annual Report to Stockholders for the fiscal year ended
December 31, 2000, are incorporated by reference in Part II.

     Portions of the definitive proxy statement for the annual meeting of
stockholders to be held May 15, 2001, which the registrant intends to file no
later than 120 days after December 31, 2000 are incorporated by reference in
Part III.
<PAGE>

                                    PART I

ITEM 1. BUSINESS.

GENERAL

First Coastal Corporation

First Coastal Corporation, a Delaware corporation (the "Company"), is the bank
holding company of Coastal Bank, a Maine-chartered bank ("Coastal" or the
"Bank").  The Company was organized in January 1987 as the holding company of
Suffield Bank in Connecticut.  The Company acquired Coastal in April 1987.  In
September 1991, Suffield Bank was placed in receivership by the Connecticut
Department of Banking, leaving the Bank as the Company's sole operating
subsidiary.

Coastal Bank

The Bank was formed in 1981 as a Maine-chartered savings bank through the
consolidation of Brunswick Savings Institution and York County Savings Bank,
which were organized in 1858 and 1860, respectively. On July 11, 1984, the Bank
completed its conversion from mutual form to a Maine stock savings bank.

The Bank had total assets of approximately $217.3 million at December 31, 2000.
The region served by the Bank includes the communities of Portland, Falmouth,
Freeport, Brunswick, Topsham and Saco, Maine.

The principal business of the Bank consists of retail and commercial community
banking, including attracting deposits from the general public and originating
residential mortgage, consumer, commercial and industrial loans, and commercial
real estate mortgage loans.  Deposits at the Bank are federally insured to
applicable limits by the Bank Insurance Fund ("BIF"), which is administered by
the Federal Deposit Insurance Corporation ("FDIC").

The principal executive offices of the Company and the Bank are located at 1200
Congress Street, Portland, Maine 04102-2129; telephone (207) 774-5000.

This Annual Report on Form 10-K contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.  Any
statements with regard to the Company's expectations as to its financial results
and other aspects of its business, including the Company's strategic business
initiatives, net interest margin, deposit growth, interest rates, additional
branches, market and growth opportunities and loan volume, constitute forward-
looking statements.  Certain, but not necessarily all, of such forward-looking
statements can be identified by the use of forward-looking terminology, such as
"believes," "expects," "may," "will," "should," "estimates," or "anticipates" or
the negative thereof or other variations thereof or comparable terminology.  All
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual transactions, results, performance or
achievements of the Company to be materially different from those expressed or
implied by such forward-looking statements.  Although the Company has made such
statements based on assumptions which it believes to be reasonable, there can be
no assurance that the actual transactions, results, performance or achievements
will not differ materially from the Company's expectations.  For example, there
are a number of important factors with respect to such forward-looking
statements that could materially and adversely affect such forward-looking
statements, such as (i) the impact of changes in market rates of interest,
economic conditions or competitive factors on the Company's deposit products and
loan demand and asset quality; (ii) the possibility that certain transactions,
such as the opening of new branches, the introduction of new banking products or
other planned or contemplated events, may not occur or may not be initiated with
the degree of success contemplated; (iii) the possibility that operating
expenses may be higher than anticipated; (iv) the effect that changes in the
general economic and competitive conditions in markets in

                                       2
<PAGE>

which the Company operates could have on the Company's financial performance and
condition; (v) the Company's ability to control its loan losses, and to achieve
its goals with respect to net interest rate spread and margin; and (vi) the
level of demand for new and existing products. Should one or more of these risks
or other uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in the
forward-looking statements. Except as required by law, the Company does not
intend to update forward-looking statements.

CERTAIN REGULATORY MATTERS

Regulatory Capital Requirements

Under applicable federal regulations, the Company and Coastal are each required
to maintain minimum levels of regulatory capital.  The Board of Governors of the
Federal Reserve System (the "Federal Reserve") has adopted a leverage-based
capital requirement of a minimum level of tier 1 capital to total assets of 3.0%
for bank holding companies with a composite rating of 1 under the bank holding
company rating system. All other bank holding companies are required to maintain
a minimum ratio of tier 1 capital to total assets of 4.0% to 5.0%.  Under the
Federal Reserve's risk-based capital guidelines, bank holding companies also are
required to maintain a minimum ratio of tier 1 capital to risk-weighted assets
of 4.0% and a minimum ratio of qualifying total capital to risk-weighted assets
of 8.0%. The Company's ratios of Tier 1 capital to total assets, Tier 1 capital
to risk-weighted assets, and qualifying total capital to risk-weighted assets of
8.14%, 13.97%, and 15.23%, respectively, at December 31, 2000 were in compliance
with such guidelines.

The FDIC has also adopted minimum capital requirements for state non-member
banks such as the Bank. Under the minimum leverage capital requirement, insured
state non-member banks must maintain a Tier 1 capital to total assets ratio of
at least 3% to 5% depending on the CAMELS rating of the bank and other factors.
At December 31, 2000, the Bank had a Tier 1 capital to total assets ratio of
8.60%.  In addition, under such requirements insured non-member banks must
maintain a minimum ratio of Tier 1 capital to risk-weighted assets of 4.0%, and
a minimum ratio of qualifying total capital to risk-weighted assets of 8.0%. At
December 31, 2000, the Bank had a ratio of Tier 1 capital to risk-weighted
assets of 14.79% and a ratio of qualifying total capital to risk-weighted assets
of 16.05%.

LENDING ACTIVITIES

Loan Portfolio Composition

The following table sets forth the composition of the Company's loan portfolio
at the dates indicated:


<TABLE>
<CAPTION>
                                                                 December 31,
                                     ----------------------------------------------------------------
(dollars in thousands)                  2000           1999         1998           1997          1996
-----------------------------------------------------------------------------------------------------
<S>                                <C>            <C>            <C>           <C>           <C>
Real estate mortgage loans:
  Residential                      $  27,745      $  28,460      $  32,555     $  33,251     $ 30,981
  Commercial                          65,417         66,833         52,747        48,705       48,456
Real estate construction loans         3,450          2,832          1,384         1,955          769
Commercial and industrial loans       13,107          9,446          5,872         5,166        3,059
Consumer and other loans              21,890         12,962         13,315        15,227       15,281
                                   ---------      ---------      ---------     ---------     --------
Total loans                        $ 131,609      $ 120,533      $ 105,873     $ 104,304     $ 98,546
                                   =========      =========      =========     =========     ========

Ratio of loans to:
Deposits                                  92%            86%            71%           91%          86%
Assets                                    60%            63%            55%           71%          67%
</TABLE>

                                       3
<PAGE>

Since 1996 and in conjunction with the Company's strategic plan, effort and
resources have been focused on developing higher levels of loan volume.
Particular focus has been given to developing a strong commercial banking team
as management believes this is an area in which the Bank can develop a
competitive edge, particularly with regard to expertise and responsive customer
service.

The June 2000 opening of the Bank's new main office in Portland, the November
2000 opening of a new branch in Falmouth, the introduction of a number of new
retail banking products and the redevelopment of the Bank's Internet banking
products (including enhancements to the Bank's cash management products and the
2000 introduction of Internet banking for retail customers) have been and are
expected to continue to be important to the Bank's ability to generate growth in
commercial and consumer loans.

Residential real estate loans declined $715,000 and $4.1 million during the
years ended December 31, 2000 and 1999, attributable to increased competitive
pressures, resulting in a higher percentage of the Bank's 2000 and 1999
originations being secondary market saleable as opposed to residential mortgage
portfolio loans.

Though commercial real estate loans are considered riskier than some other loan
types, and continue to make up a large percentage of the Company's loan
portfolio (49.7% at December 31, 2000), management believes that the combination
of its expertise in this area and its lending practices allow the Company to
manage the risk inherent in this type of lending.

See "Management's Discussion and Analysis of Financial Condition and Results of
Operations -- Historical Background" -  and -- "Loans" in the Company's 2000
Annual Report to Stockholders.

The following table sets forth the maturities of the loan portfolio by loan type
as of December 31, 2000:

<TABLE>
<CAPTION>
                                                          After
                                                         One But
                                            Within       Within         After
                                             One          Five           Five
(dollars in thousands)                      Year         Years          Years         Total
-------------------------------------------------------------------------------------------
<S>                                      <C>          <C>           <C>           <C>
Real estate mortgage loans:
  Residential loans                      $     23     $    746      $  26,976     $  27,745
  Commercial loans                          4,805       26,481         34,131        65,417
Real estate construction loans              3,450            -              -         3,450
Commercial and industrial loans             6,615        5,871            621        13,107
Consumer and other loans                      835        7,814         13,241        21,890
                                         --------     --------      ---------     ---------
  Total loans                            $ 15,728     $ 40,912      $  74,969     $ 131,609
                                         ========     ========      =========     =========

Fixed interest rate                      $  7,375     $ 25,765      $  45,379     $  78,519
Variable/adjustable interest rate           8,353       15,147         29,590        53,090
                                         --------     --------      ---------     ---------
                                         $ 15,728     $ 40,912      $  74,969     $ 131,609
                                         ========     ========      =========     =========
</TABLE>

The commercial real estate mortgage portfolio of approximately $65.4 million at
December 31, 2000, as compared to $66.8 million at December 31, 1999, includes
loans collateralized by apartment buildings, mixed use commercial buildings,
retail buildings, office buildings and other income-producing properties.
Substantially all of these loans are collateralized by mortgages on properties
located in Maine.  The maturities are set forth in the above table.

                                       4
<PAGE>

At December 31, 2000 and 1999, commercial and industrial loans totaled $13.1
million and $9.4 million, respectively.  The Bank makes commercial and
industrial loans collateralized by equipment and other corporate or personal
assets, including accounts receivable, inventory, marketable securities and real
estate. The terms and maturities of commercial loans are negotiated with the
borrower, but generally the loans mature in seven years or less and bear
interest at a fixed or adjustable rate.

Consumer loans originated by the Bank primarily include automobile, mobile home
and boat loans, home improvement loans, loans collateralized by deposits, lines
of credit collateralized by residential real estate and student loans under the
Maine Guaranteed Student Loan Program.  The interest on student loans is
partially subsidized, and a minimum of 98% of each loan is guaranteed by the
federal government.  As of December 31, 2000, the Bank had approximately $21.9
million in consumer loans, compared to $13.0 million as of December 31, 1999.
All consumer loans originated are reviewed for creditworthiness, adequacy of
collateral and the borrowers' ability to repay.

Loan Originations

Residential mortgage loans originated by the Bank are primarily collateralized
by property located within its existing market area in Maine.  The Bank is an
active residential mortgage lender.  A significant percentage of residential
loans originated are 1-4 family residential real estate loans, the majority of
which are sold in the secondary market.  In 1998 and years prior, the Bank
continued to service most of the loans it sold in the secondary market.
Beginning in 1999 the Bank began selling these loans on a servicing released
basis.  Most of the Bank's residential loans are originated using the Fannie Mae
underwriting guidelines.

The Bank's residential loan originations remained relatively unchanged for the
year ended December 31, 2000 as compared to the year ended December 31, 1999.
While the Bank had developed a plan to increase residential loan originations,
in part through the addition of commissioned based loan originators to its
lending staff, the Bank has concluded that the narrow margins available in this
very competitive, highly commoditized business segment, as compared to 1999, do
not warrant strong focus by the Bank at this time.

Commercial loan originations declined modestly in 2000 as compared to 1999, as
is reflected in the $2.2 million increase (2.9%) in total commercial loans
outstanding at December 31, 2000 as compared to December 31, 1999.  Staffing
changes and management time necessarily devoted to the planning and opening of
the two new banking facilities adversely impacted the Bank's origination
capabilities for much of 2000; however, the Bank currently plans to further
increase its commercial loan originations in 2001.  The competition for
commercial loans continues to be intense and the ability of the Bank to increase
commercial loan originations could be affected by both competitive and economic
factors.

The level of residential, consumer and commercial loan originations going
forward will depend upon a number of factors, including the level of interest
rates, general economic conditions, the competitive environment and overall
profitability of these loans.

                                       5
<PAGE>

The following table represents residential real estate and consumer loan
originations for the years ended December 31, 2000 and 1999.

<TABLE>
<CAPTION>
                                                          For the year ended December 31,
                                                          -------------------------------
(in thousands)                                                         2000          1999
-----------------------------------------------------------------------------------------
<S>                                                                <C>           <C>
Originations /(1)/:
       Residential real estate                                     $  9,363      $  9,345
       Consumer /(2)/                                                 7,151         1,813
                                                                   --------      --------
       Total                                                       $ 16,514      $ 11,158
                                                                   ========      ========
</TABLE>

/(1)/  Includes refinancing of existing portfolio and off balance sheet serviced
       loans.

/(2)/  Includes unfunded commitments of home equity lines of credit and excludes
       student loan originations and purchases.

For information on Allowance for Loan Losses and Nonperforming Assets, see
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's 2000 Annual Report to Stockholders.

Secondary Market Activity

The Bank is active in secondary market transactions primarily through the sale
of long-term, fixed-rate residential mortgage loans that it originates.  The
sale of these loans serves as a means for the Bank to manage its overall
interest rate sensitivity risk (consistent with the Bank's asset liability
management policy), generates fee income and provides additional funds for
lending and liquidity.  The Bank generally seeks to originate longer term fixed-
rate mortgages only when commitments to sell these mortgages can readily be
obtained.  Due to interest rate fluctuations and the timing between the
commitment to the borrower and the closing and subsequent sale of the loan in
the secondary market, such sales will be made at a premium or discount
(depending on the current interest rate environment) and will result in realized
gains or losses to the Bank on the transaction.

The Bank is an approved seller and servicer by and for the Fannie Mae.  However,
on January 31, 1999, the Bank sold all of its Fannie Mae residential mortgage
servicing portfolio.  The Bank currently sells all saleable loans on a servicing
released basis.  At December 31, 2000 and 1999, the Bank was not servicing loans
for others as compared to servicing $44.9 million of loans in its capacity as a
subservicer at December 31, 1998. There was no servicing fee income related to
serviced loans for the year ended December 31, 2000 and 1999.  Servicing fee
income is reported as other income in the consolidated statements of operations,
and for the year ended December 31, 1998 equaled $34,000.

INVESTMENT ACTIVITIES

The Company's investment portfolio is managed in accordance with a written
investment policy adopted by the Board of Directors and reviewed on an annual
basis.  Under this policy, and in accordance with applicable provisions of the
Bank Holding Company Act of 1956, as amended (the "BHCA"), without the prior
approval of the Federal Reserve and the Board of Directors, the Company
generally is prohibited from directly or indirectly purchasing shares of any
company if such purchase would cause the Company's direct or indirect ownership
to equal or exceed 5% of such company's outstanding shares.  The Company's
investment policy provides that all investment purchases of equity securities
initiated by the Bank must receive the advance approval of the Board of
Directors of the Bank.  The Bank generally is prohibited by the Federal Deposit
Insurance Act from acquiring or retaining, directly or indirectly, any equity
investment of a type or in an amount that is not permissible for a national
bank.  The Company's investment portfolio is comprised primarily of U.S.
government and agency obligations.  For a summary of investments, see Item 8,
"Financial Statements and Supplementary Data -- Notes 1 and 4."

                                       6
<PAGE>

SOURCES OF FUNDS

General

Deposits and secured borrowings from customers and advances from the Federal
Home Loan Bank ("FHLB") of Boston are the principal sources of Coastal's funds
for use in lending and for other general business purposes.  Coastal's deposits
are primarily derived from the areas where its banking offices are located.
Coastal does not actively solicit deposits outside the State of Maine or use
brokers to obtain deposits.

In addition to deposit accounts and advances, Coastal derives funds from loan
repayments, sales of loans and returns on investments.  Unscheduled loan
repayments and scheduled amortization have been a substantial source of funds,
while deposit inflows and outflows are significantly influenced by general
interest rates, money market and general economic conditions.  FHLB advances may
also be used to compensate for reductions in normal sources of funds such as
deposit inflows at less than projected levels.  The Bank has also been
authorized for access to the discount window of the Federal Reserve Bank in its
District; however, to date this borrowing source has not been utilized.

Deposits

The Bank has a wide variety of deposit programs designed to attract both short-
term and long-term deposits from the general public, primarily from consumers
and businesses.  These programs include interest bearing and non-interest
bearing checking accounts, savings accounts, certificates of deposit, jumbo
certificates of deposit and individual retirement accounts.

The following table sets forth the Company's deposit balances at the dates
indicated:

<TABLE>
<CAPTION>
                                                              December 31,
                                     --------------------------------------------------------------
(in thousands)                               2000        1999        1998        1997         1996
---------------------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>         <C>
Noninterest bearing demand deposits       $  14,119   $  11,962   $  10,447   $   7,599   $   5,790
Interest bearing demand deposits             16,018      22,280      21,680      17,117      15,090
Savings and escrow deposits                  58,066      58,775      63,393      34,465      36,445
Time deposits                                55,155      47,120      53,025      55,810      57,760
                                          ---------   ---------   ---------   ---------   ---------
  Total                                   $ 143,358   $ 140,137   $ 148,545   $ 114,991   $ 115,085
                                          =========   =========   =========   =========   =========
</TABLE>

Deposits totaled $143.4 million at December 31, 2000, an increase of $3.2
million (or 2.3%) from the level of $140.1 million at December 31, 1999.  This
increase is primarily attributable to an $8.0 million increase in certificates
of deposit and a $2.2 million increase in noninterest bearing demand deposits,
offset by a $6.3 million decline in interest bearing demand deposits.  The
decline in interest bearing demand deposits is primarily the result of the
transfer of one class of commercial deposits (balance $5.2 million at December
31, 1999) to secured borrowings.  Subsequent to December 31, 1999, these
commercial deposits grew to exceed $10 million and in March 2000, were
transferred to secured borrowings.  These borrowings have no term and may
fluctuate or terminate at any time.  For further information on deposits see
Note 8 to the Company's Consolidated Financial Statements.

The Bank's May 1999 sale of  its branch located in Kennebunk, Maine included all
of the branch deposits totaling $9.9 million.

                                       7
<PAGE>

For the years ended December 31, 2000, 1999 and 1998, Coastal's average deposits
and average rates consisted of the following:

<TABLE>
<CAPTION>
                                                             For the Year Ended December 31,
                                           --------------------------------------------------------------------
                                                   2000                   1999                    1998
                                           --------------------   --------------------   ----------------------
                                             Average    Average     Average   Average     Average      Average
(dollars in thousands)                       Amount     Rate        Amount     Rate        Amount       Rate
---------------------------------------------------------------------------------------------------------------
<S>                                       <C>          <C>       <C>          <C>        <C>           <C>
Noninterest bearing demand deposits       $  12,701              $  10,198               $   7,987
Interest bearing demand deposits             16,939    2.07%        19,548     2.32%        18,564     2.30%
Savings Deposits                             55,292    3.75         62,914     3.67         52,750     3.78
Time deposits                                50,672    5.53         48,945     5.05         54,004     5.36
                                          ---------              ---------               ---------
Total                                     $ 135,604              $ 141,605               $ 133,305
                                          =========              =========               =========
</TABLE>

At December 31, 2000, the maturities and weighted average interest rates of
certificates of deposit over $100,000 were as follows:

<TABLE>
<CAPTION>
                                                                        December 31, 2000
                                                             -------------------------------------
                                                                                       Weighted
                                                                 Balance               Average
Maturities (in months)                                        (in thousands)         Interest Rate
--------------------------------------------------------------------------------------------------
<S>                                                           <C>                    <C>
12 months or less                                                $ 4,918                 6.12%
1 - 3 years                                                        1,137                 6.04
                                                                 -------
  Total                                                          $ 6,055                 6.10%
                                                                 =======
</TABLE>

As of December 31, 2000, Coastal had no brokered deposits.

Borrowings

The following table sets forth the amount of the Company's borrowed funds for
the years ended December 31, 2000, 1999 and 1998:

<TABLE>
<CAPTION>
                                                    For the Year Ended December 31,
                                            ------------------------------------------
(in thousands)                                     2000            1999           1998
--------------------------------------------------------------------------------------
<S>                                            <C>             <C>            <C>
FHLB advances                                  $ 32,901        $ 27,748       $ 22,545
Savings Bank Notes                                1,850           2,268          2,600
Secured borrowings                               21,969           2,980            967
                                               --------        --------       --------
                                               $ 56,720        $ 32,996       $ 26,112
                                               ========        ========       ========
</TABLE>

The following table sets forth information regarding the weighted average
interest expense at December 31 and the highest month end balances of the
Company's total borrowings:

<TABLE>
<CAPTION>
(in thousands)                                             2000        1999        1998
---------------------------------------------------------------------------------------
<S>                                                     <C>         <C>         <C>
Weighted average interest rate of total borrowings         5.50%       5.87%       5.95%
Highest month end balance of total borrowings           $46,477     $36,138     $27,266
Average month end balance of total borrowings           $47,720     $28,407     $27,150
</TABLE>

The Bank also has been approved by the Federal Reserve Bank of Boston to obtain
funds from its discount window for the purpose of maintaining the Bank's
liquidity.  However, no assets are currently pledged to collateralize any future
borrowings. No funds have been obtained from this source.

                                       8
<PAGE>

The Bank estimates that it has approximately $49.0 million in additional short-
term borrowing capacity with the FHLB as of December 31, 2000.  This amount
fluctuates based on qualified collateral.

Federal Home Loan Bank

The Bank uses FHLB advances to expand its lending and investment activities and
to enhance the Bank's mix of rate-sensitive assets and liabilities, e.g., to
extend maturities or to improve liquidity.

At December 31, 2000, the Bank had outstanding $32.9 million in borrowings with
a weighted average interest rate of 5.92% from the FHLB of Boston, maturing as
follows:

                                                                    Weighted
                                   Balance                           Average
     Due Date                   (in thousands)      Rates         Interest Rate
------------------------------------------------------------------------------
     2001                        $  5,901         6.05-6.25%         6.22%
     2002                           5,000         6.59-6.70          6.66
     2003                           8,000         4.99-6.61          5.98
     2004                           7,000         5.79-6.06          5.88
     2005                           4,000              5.06          5.06
     2008                           3,000              5.16          5.16
                                 --------
                                 $ 32,901                            5.92%
                                 ========


Savings Bank Notes

On August 4, 1999, the Company entered into the First Amendment to Loan
Agreement (the "First Amendment to Loan Agreement") amending the terms of the
Loan Agreement, dated as of July 24, 1996 (the "Loan Agreement"), between the
Company and a group of four Maine savings banks (the "Savings Banks"). Pursuant
to the Loan Agreement, the Company borrowed a total of $4.0 million evidenced by
promissory notes (the "Savings Bank Notes") in the amount of $1.0 million to
each of the Savings Banks.  Prior to the effective date of such modification to
the Loan Agreement, the Savings Bank Notes bore interest, payable quarterly, at
an annual rate of 10.85%, with semi-annual principal payments of $200,000
beginning in June 1998.  The original maturity date was December 31, 2001.
Pursuant to the First Amendment to Loan Agreement and the amended Savings Bank
Notes, the term loan (balance $2.4 million at the time of refinance) bears
interest at an annual rate of 8.0% until August 4, 2002, at which time the
interest rate will convert to the Prime Rate as published in The Wall Street
Journal (the "WSJ"), adjustable daily, until the new maturity date of August 4,
2004.  In addition, the Company is entitled to draw against a working capital
line of credit up to a combined aggregate limit, including the balance
outstanding at any time on the term loan, of $4.0 million.  The interest rate on
the line of credit is equal to the Prime Rate as published in the WSJ, adjusted
daily and the maturity date is August 4, 2004.

In addition to reducing the interest rate, extending the maturity date, and
providing the Company with a line of credit, the First Amendment to Loan
Agreement modified or eliminated certain covenants and conditions contained in
the Loan Agreement including, among other things: (i) limitations on borrowings
by the Company and the Bank; (ii) prohibitions on transfers of assets of the
Company or any subsidiary; (iii) prohibition of capital expenditures over
$500,000 in any fiscal year; and (iv) certain provisions providing that it was a
default by the Company should it fail to make certain reports or payments within
specified time frames, which provisions have been made generally less
restrictive as to time or amount.  In addition, the First Amendment to Loan
Agreement modified the prohibition on the payment of cash dividends by the
Company contained in the Loan Agreement when the Company's debt-to-equity ratio
on a parent only-basis exceeds 30% to increase the permissible ratio threshold
to 50%.

                                       9
<PAGE>

In connection with the amended Savings Bank Notes, one of the Savings Banks
notes was purchased by one of the remaining three lenders.  There is no
prepayment penalty associated with the amended Savings Bank Notes.  Other terms
and conditions, including the pledge of all of the Company's stock in the Bank
as collateral, were affirmed and remain in effect.

Secured Borrowings

In May 1998, the Bank introduced a new cash management program for businesses.
The program represents secured borrowings, which include agreements similar to
repurchase agreements that are not FDIC insured. At December 31, 2000 and 1999
these secured borrowings totaled approximately $22.0 million and $3.0 million,
respectively, and were collateralized by approximately $22.0 million and $3.0
million, respectively, in Bank owned investment securities.

For additional information on Borrowings, see "Note 9 -- Borrowings" in the
Company's 2000 Annual Report to Stockholders.

EMPLOYEES

As of December 31, 2000, the Company and its subsidiary had 92 full-time
equivalent employees.

COMPETITION

The Bank is a full service bank with eight banking offices in the southern Maine
communities of Portland, Falmouth, Freeport, Brunswick, Topsham  and Saco.
Competition among financial institutions in the Bank's market area is intense
and the Bank competes in obtaining funds and in making loans with other state
and national banks, savings and loan associations, consumer financial companies,
credit unions and other financial institutions which have far greater financial
resources than those available to the Bank.  The Bank also faces competition for
deposits from money market funds and other securities funds offered by brokerage
firms and other similar financial institutions.  Competition among financial
institutions is based upon interest rates and other credit and service charges,
the quality of services rendered, the convenience of banking facilities and in
the case of loans to larger commercial borrowers, relative lending limits.

REGULATION

Federal Bank Holding Company Regulation

The Company is a bank holding company within the meaning of the BHCA.  The
Company is required to file periodic reports and other information with the
Federal Reserve.  The Federal Reserve may also conduct examinations of the
Company and the Bank.

On November 12, 1999, President Clinton signed legislation to reform the U.S.
banking laws, including the BHCA.  The changes made to the BHCA by this
legislation, referred to as the Gramm-Leach-Bliley Act, became effective on
March 11, 2000, and expanded the permissible activities of bank holding
companies like the Company.  As a financial holding company, the Company would
be permitted to own and control depository institutions and to engage in
activities that are financial in nature or incidental to financial activities,
or activities that are complementary to a financial activity and do not pose a
substantial risk to the safety and soundness of depository institutions or the
financial system generally.

In order to become a financial holding company and take advantage of this new
authority, the Bank must be well-capitalized and well-managed and have at least
a satisfactory record of performance under the Community Reinvestment Act.  No
prior notice to the Federal Reserve would be required from a financial holding
company to acquire a company engaged in nonbanking activities or to commence
these activities

                                      10
<PAGE>

directly or indirectly through a subsidiary. Although the Company could qualify
to become a financial holding company, it has no present plan to change its
status under the BHCA since it has no plans to acquire a nonbanking company or
engage in any new nonbanking activities.

Maine Bank Holding Company Regulation

Maine state law also regulates bank holding companies.  The state law is
designed to conform with the registration, application and reporting
requirements of the Federal Reserve to the maximum extent feasible. The Company
is registered with the Maine Superintendent of Banking (the "Superintendent"),
and must notify the Superintendent whenever there is a "material" change in the
ownership of the Company.

Bank Regulation

As a BIF-insured savings bank, the Bank is subject to regulation, supervision
and examination by the FDIC. The Bank also is subject to regulation, supervision
and examination by the Maine Bureau of Banking.  The Maine Bureau of Banking,
under the Superintendent, administers the Maine statutes which regulate the
Bank's internal organization as well as its deposit, lending and investment
activities.

Federal Home Loan Bank System

The Bank is a member of the FHLB of Boston, one of the 12 regional banks of the
FHLB System.  The FHLB System provides a central credit facility for member
institutions.  The Bank has the ability to borrow funds from the FHLB of Boston
in order to maintain its liquidity.  As a member of the FHLB of Boston, the Bank
is required to own shares of capital stock in the FHLB of Boston in an amount at
least equal to the greater of 1% of the aggregate principal amount of unpaid
residential mortgage loans, home purchase contracts and similar obligations at
the beginning of each year, or 5% of its advances (borrowings) from the FHLB of
Boston, whichever is greater. The Bank was in compliance with this requirement
with an investment at December 31, 2000 of $1.7 million.

Under applicable regulations, member banks are required to maintain at all times
an amount of qualified collateral that is at least sufficient to satisfy the
collateral maintenance level established by the FHLB.  See "Business -- Sources
of Funds -- Borrowings."

Federal Reserve System

The Federal Reserve has adopted regulations that require, among other things,
that insured depository institutions maintain nonearning reserves against their
transaction accounts (primarily NOW and regular checking accounts) and
nonpersonal time deposits (those which are transferable or held by a person
other than a natural person) with an original maturity of less than 18 months.
At December 31, 2000, the Bank was in compliance with these requirements.

The Bank has the ability to borrow funds from the "discount window" of the
Federal Reserve Bank of Boston in order to maintain liquidity.  The Federal
Reserve Bank of Boston is prohibited from extending advances to undercapitalized
or critically undercapitalized depository institutions, and generally cannot
have advances outstanding to an undercapitalized institution for more than 60
days in any 120-day period.

                                      11
<PAGE>

TAXATION

Federal

The Company files a consolidated federal income tax return with the Bank using
the accrual method of accounting.

Internal Revenue Service ("IRS") guidance dealing with the tax consequences of
federal financial assistance (e.g., cash) provided by the FDIC requires all
federal financial assistance provided to an acquiring bank to be taxable to the
bank that has been seized.  Accordingly, all federal financial assistance
provided to the acquiror of Suffield Bank's assets and liabilities may be
taxable income included in the consolidated federal income tax return of the
Company.  This income may generally be offset by tax losses resulting from the
sale of assets sold by the FDIC.  Although management has been informed by the
FDIC that there will be no net taxable income resulting from the seizure of
Suffield Bank, management has not been able to obtain written confirmation from
the FDIC at this time.  Accordingly, income taxes disclosed in the Consolidated
Financial Statements do not take into account adjustments, if any, which may
result from the seizure of Suffield Bank.

The Company recognized an income tax benefit in 1996 of $4,859,000.  Of this
amount, $4,811,000 was attributable to a reduction in the amount of the
valuation allowance previously established against the Company's deferred tax
asset (having an effective tax rate of 34%).  In addition, the Company received
$48,000 in interest applicable to a 1992 carryback refund.

The deferred tax asset and offsetting valuation allowance as of September 30,
1996 and prior periods were principally the result of the Company's accumulation
of net operating loss carryforwards.  The deferred tax asset represents the
estimated amount of future deductions for tax reporting purposes previously
expensed for financial reporting purposes, and the estimated benefit from future
income taxes the Company will not have to pay as a result of the net operating
loss carryforwards.  Prior to the fourth quarter of 1996, a 100% valuation
allowance was maintained against the deferred tax asset as there were
significant uncertainties regarding the Company's future and its ability to
utilize its net operating loss carryforwards through sustained, profitable
operations.  Management believes that the completion of the July 1996
recapitalization, the payoff of the FDIC Note and the improved financial
condition of the Company have reduced the uncertainties relating to the
Company's ability to realize the benefits of the deferred tax asset.  As a
result, in accordance with Financial Accounting Standards Board Statement of
Financial Accounting Standard No. 109, the valuation allowance against the
deferred tax asset was reduced by $4,811,000 in the fourth quarter of 1996.

The federal income tax returns of the Company have been examined and audited or
closed without audit by the IRS for tax years through 1996 and such years are
not subject to further IRS audit except with respect to carrybacks to those
years.

State

The State of Maine imposes a franchise tax on financial institutions such as the
Bank equal to 1% of Maine net income and $0.08 per $1,000 of the Bank's year-end
assets.  Maine net income equals the Bank's net income or loss as reported on
its federal income tax return and apportioned to Maine.  The Maine franchise tax
may be reduced by a credit in the event of a book net operating loss for a
particular taxable year.  The credit equals the book net operating loss
multiplied by the 1% franchise tax rate.  Any unused credit may be carried
forward for up to five years.  The Maine franchise tax is deductible in
determining federal taxable income.

                                       12
<PAGE>

ITEM 2.  PROPERTIES.

The Company primarily utilizes the premises, equipment and furniture of the Bank
without direct payment of any rental or other fees to the Bank.  The Bank's
executive offices and operations center are located at 1200 Congress Street,
Portland, Maine.   The Bank currently maintains eight branches as listed below.

Location     Address                      Leased/Owned    Lease Expiration
-----------  --------------------------   --------------  ----------------------
Brunswick    83 Maine Street              Owned           n/a
             Brunswick, ME
Brunswick    14 Gurnet Road               Owned           n/a
             Brunswick, ME
Falmouth     U.S. Route 1 and Depot Road  Leased          October 2010
             Falmouth, ME 04105                           (lease provides
                                                          for up to four 5-year
                                                          renewal options)
Freeport     8 Mallet Drive               Owned           n/a
             Freeport, ME
Portland     1200 Congress Street         Leased          May 2010
             Portland, ME                                 (lease provides
                                                          for up to four 5-year
                                                          renewal options)
Portland     120 Exchange Street          Leased          December 2002
             Portland, ME                                 (lease provides
                                                          for one 5-year renewal
                                                          option)
Saco         Suite 32                     Leased          February 2006
             4 Scammon Drive                              (lease provides
             Saco, ME                                     for up to three 5-year
                                                          renewal options)

Topsham      47 Topsham Fair Mall Road    Building Owned  n/a
             Topsham, ME                  Land Leased     June 2005
                                                          (lease provides for
                                                          up to four 5-year
                                                          renewal options)
ITEM 3.    LEGAL PROCEEDINGS.

There are no material pending legal proceedings to which the Company or its
subsidiary is a party or of which any of the Company's property or the property
of its subsidiary is the subject, other than ordinary routine litigation
incidental to its business.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No matters were submitted to a vote of the Company's stockholders during the
fourth quarter of the fiscal year ended December 31, 2000.

                                       13
<PAGE>

                                    PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

Information required by this Item is set forth under the caption "Market for
Registrant's Common Equity and Related Stockholder Matters" in the Company's
Annual Report to Stockholders for the year ended December 31, 2000, which
information is hereby incorporated herein by reference and specifically made a
part hereof.

ITEM 6.  SELECTED FINANCIAL DATA.

Information required by this Item is set forth under the caption "Selected
Financial Data" in the Company's Annual Report to Stockholders for the year
ended December 31, 2000, which information is hereby incorporated herein by
reference and specifically made a part hereof.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS.

Information required by this Item, other than new accounting standards and
accounting standards adopted, is set forth under the caption "Management's
Discussion and Analysis of Financial Condition and Results of Operations" in the
Company's Annual Report to Stockholders for the year ended December 31, 2000,
which information is hereby incorporated herein by reference and specifically
made a part hereof. Information with regard to new accounting standards and
accounting standards adopted, is set forth under Note 1 to the Company's
Consolidated Financial Statements of the Annual Report to Stockholders for the
year ended December 31, 2000, which information is hereby incorporated herein by
reference and specifically made a part hereof.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

Not applicable.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Information required by this Item and the auditor's report thereon are set forth
in the Company's Annual Report to Stockholders for the year ended December 31,
2000, which information is hereby incorporated herein by reference and
specifically made a part hereof.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

Not applicable.

                                   PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

Information required by this Item is incorporated by reference from "Election of
Directors," "Executive Officers" and "Executive Compensation -- Section 16(a)
Beneficial Ownership Reporting Compliance" in the Company's definitive proxy
statement for the Company's 2001 annual meeting of stockholders, which proxy
statement will be filed within 120 days of December 31, 2000.

                                       14
<PAGE>

ITEM 11.  EXECUTIVE COMPENSATION.

Information required by this Item is incorporated by reference from "Executive
Compensation" in the Company's definitive proxy statement for the Company's 2001
annual meeting of stockholders, which proxy statement will be filed within 120
days of December 31, 2000.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

Information required by this Item is incorporated by reference from "Stock Owned
by Management" in the Company's definitive proxy statement for the Company's
2001 annual meeting of stockholders, which proxy statement will be filed within
120 days of December 31, 2000.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

Information required by this Item is incorporated by reference from "Executive
Compensation -- Certain Transactions" in the Company's definitive proxy
statement for the Company's 2001 annual meeting of stockholders, which proxy
statement will be filed within 120 days of December 31, 2000.


                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

     (a)(1) The following consolidated financial statements of the Company and
its subsidiary, included in the Annual Report of the Company for the year ended
December 31, 2000, are incorporated herein by reference in Item 8.  The
remaining information appearing in the Annual Report to Stockholders is not
deemed to be filed as part of this Report, except as expressly provided herein.

Consolidated Balance Sheets as of December 31, 2000 and 1999

Consolidated Statements of Operations for each of the three years in the period
ended December 31, 2000

Consolidated Statements of Stockholders' Equity for each of the three years in
the period ended December 31, 2000

Consolidated Statements of Cash Flows for each of the three years in the period
ended December 31, 2000

Consolidated Statements of Comprehensive Income for each of the three years in
the period ended December 31, 2000

Notes to Consolidated Financial Statements--December 31, 2000

Report of Independent Accountants

     (a)(2) All schedules for which provision is made in the applicable
accounting regulation of the Securities and Exchange Commission are not required
under the related instructions as either not applicable or required information
is presented elsewhere.

     (a)(3) Exhibits.  The following exhibits are either filed herewith or are
incorporated herein by reference:

                                       15
<PAGE>

Exhibit No.3 Articles of Incorporation and Bylaws

   3.1(i) Restated Certificate of Incorporation (filed as Exhibit 3.1(i) to
Annual Report on Form 10-K for the year ended December 31, 1997, File No. 0-
14087 ("1997 Form 10-K"), and incorporated herein by reference).

   3.1(ii)  Amended and Restated Bylaws.

Exhibit No. 10 Material Contracts

   10.1   First Coastal Corporation Director's Deferred Compensation Plan (filed
as Exhibit 10.13 to Annual Report on Form 10-K for the year ended December 31,
1993, File No. 0-14087, and incorporated herein by reference).

   10.2   Agreement for Data Processing Services, dated February 28, 1996,
between Coastal Savings Bank and Data Dimensions Inc. (filed as Exhibit 10.12 to
Annual Report on Form 10-K for the year ended December 31, 1995, File No. 0-
14087, and incorporated herein by reference).

   10.3   First Coastal Corporation 1996 Stock Option and Equity Incentive Plan
(filed as Exhibit 10.13 to Amendment No. 3 to Annual Report on Form 10-K on Form
10-K/A for the year ended December 31, 1995, File No. 0-14087, and incorporated
herein by reference).

   10.4   Loan Agreement, dated as of July 24, 1996, among First Coastal
Corporation and Androscoggin Savings Bank, Bangor Savings Bank, Machias Savings
Bank and Norway Savings Bank (collectively, the "Lenders") and Machias Savings
Bank, as agent (filed as Exhibit 10.9 to Quarterly Report on Form 10-Q for the
quarter ended June 30, 1996, File No. 0-14087 ("June 1996 Form 10-Q"), and
incorporated herein by reference).

   10.5   Stock Pledge Agreement, dated as of July 24, 1996, between First
Coastal Corporation and Machias Savings Bank, for itself and as agent for the
Lenders (filed as Exhibit 10.10 to June 1996 Form 10-Q, and incorporated herein
by reference).

   10.6   Promissory Note, dated July 24, 1996, by First Coastal Corporation for
the benefit of Androscoggin Savings Bank (filed as Exhibit 10.11 to June 1996
Form 10-Q, and incorporated herein by reference).

   10.7   Promissory Note, dated July 24, 1996, by First Coastal Corporation for
the benefit of Bangor Savings Bank (filed as Exhibit 10.12 to June 1996 Form 10-
Q, and incorporated herein by reference).

   10.8   Promissory Note, dated July 24, 1996, by First Coastal Corporation for
the benefit of Machias Savings Bank (filed as Exhibit 10.13 to June 1996 Form
10-Q, and incorporated herein by reference).

   10.9   Promissory Note, dated July 24, 1996, by First Coastal Corporation for
the benefit of Norway Savings Bank (filed as Exhibit 10.14 to June 1996 Form 10-
Q, and incorporated herein by reference).

   10.10  Rights Agreement, dated as of February 25, 1998, between First Coastal
Corporation and ChaseMellon Shareholder Services, L.L.C. (filed as Exhibit No. 1
to Current Report on  Form 8-K, filed March 3, 1998, and incorporated herein by
reference).

                                       16
<PAGE>

   10.11  Agreement of Purchase and Sale, dated August 18, 1998, between Coastal
Bank and SYSCO Food Services of Northern New England, Inc. (filed as Exhibit No.
99(a) to Current Report on Form 8-K, filed August 31, 1998, and incorporated
herein by reference).

   10.12  Employment Agreement, dated as of September 4, 1998, among Coastal
Bank, First Coastal Corporation and Dennis D. Byrd (filed as Exhibit No. 10.12
to Quarterly Report on Form 10-Q for the quarter ended September 30, 1998, File
No. 0-14087 ("September 1998 Form 10-Q"), and incorporated herein by reference).

   10.13  Employment Agreement, dated as of September 4, 1998, among Coastal
Bank, First Coastal Corporation and Gregory T. Caswell (filed as Exhibit No.
10.13 to September 1998 Form 10-Q, and incorporated herein by reference).

   10.14  Amendment No. 1 to Rights Agreement, dated as of October 15, 1998,
between First Coastal Corporation and ChaseMellon Shareholder Services, L.L.C.
(filed as Exhibit No. 99(a) to Current Report on Form 8-K, filed October 22,
1998, and incorporated herein by reference).

   10.15  Purchase and Assumption Agreement, dated February 22, 1999, between
Coastal Bank and Kennebunk Savings Bank (filed as Exhibit No. 10.15 to Annual
Report on Form 10-K for the year ended December 31, 1998, File No. 0-14087, and
incorporated herein by reference).

   10.16  First Coastal Corporation 1996 Stock Option and Equity Incentive Plan,
as Amended, dated May 18, 1999 (filed as Exhibit No. 10.16 to Annual Report on
Form 10-K for the year ended December 31, 1999, File No. 0-14087, and
incorporated herein by reference).

   10.17  First Amendment to Loan Agreement, dated as of August 4, 1999, among
First Coastal Corporation and Androscoggin Savings Bank, Machias Savings Bank
and Norway Savings Bank (collectively, the "Lenders") and Machias Savings Bank,
as agent (filed as Exhibit 10.1 to Quarterly Report on Form 10-Q for the quarter
ended June 30, 1999, File No. 0-14087 ("June 1999 Form 10-Q"), and incorporated
herein by reference).

   10.18  Acknowledgment and Agreement, dated as of August 4, 1999, among First
Coastal Corporation and the Lenders (filed as Exhibit 10.2 to June 1999 Form 10-
Q, and incorporated herein by reference).

   10.19  Note Modification Agreement (Machias Note #1), dated as of August 4,
1999 for the benefit of Machias Savings Bank (filed as Exhibit 10.3 to June 1999
Form 10-Q, and incorporated herein by reference).

   10.20  Note Modification Agreement (Machias Note #2), dated as of August 4,
1999 for the benefit of Machias Savings Bank (filed as Exhibit 10.4 to June 1999
Form 10-Q, and incorporated herein by reference).

   10.21  Note Modification Agreement (Androscoggin Note), dated as of August 4,
1999 for the benefit of Androscoggin Savings Bank (filed as Exhibit 10.5 to June
1999 Form 10-Q, and incorporated herein by reference).

   10.22  Note Modification Agreement (Norway Note), dated as of August 4, 1999
for the benefit of Norway Savings Bank (filed as Exhibit 10.6 to June 1999 Form
10-Q, and incorporated herein by reference).

                                       17
<PAGE>

   10.23  Lease Agreement, dated as of October 26, 1999, between Coastal Bank
and Olympia Equity Investors III, L.P. (filed as Exhibit 10.1 to Quarterly
Report on Form 10-Q for the quarter ended September 30, 1999, File No. 0-14087,
and incorporated herein by reference).

   10.24  Amendment No. 2 to Rights Agreement, dated as of April 7, 2000,
between First Coastal Corporation and ChaseMellon Shareholder Services, L.L.C.
(filed as Exhibit No. 99(a) to Current Report on Form 8-K, filed May 23, 2000,
and incorporated herein by reference).

   10.25  Amendment No. 3 to Rights Agreement, dated as of November 1, 2000,
between First Coastal Corporation and ChaseMellon Shareholder Services, L.L.C.
(filed as Exhibit No. 99(a) to Current Report on Form 8-K, filed November 9,
2000, and incorporated herein by reference).

Exhibit No.13 Annual Report to Security Holders

First Coastal Corporation 2000 Annual Report.  Portions of the First Coastal
Corporation 2000 Annual Report have been incorporated by reference into this
Annual Report on Form 10-K.

Exhibit No.21  Subsidiary of the Registrant

Subsidiary of the Company.

Exhibit No.23 Consents of Experts and Counsel

Consent of PricewaterhouseCoopers LLP to incorporation by reference of its
report dated February 9, 2001 into the Company's Registration Statements on Form
S-8 (No. 333-08631 and 333-79475) filed with the Securities and Exchange
Commission on July 23, 1996 and May 27, 1999.

14(b) Reports on Form 8-K

Current Report on Form 8-K filed on November 9, 2000, announcing that the
Company and ChaseMellon Shareholder Services, L.L.C. entered into Amendment No.
3 to Rights Agreement dated as of November 1, 2000.

Current Report on Form 8-K filed on December 18, 2000, announcing that the
Company extended its stock repurchase program.

14(c) Exhibits to this Annual Report on Form 10-K are attached or
incorporated herein by reference as stated above.

14(d) Not applicable.

                                       18
<PAGE>

                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                              FIRST COASTAL CORPORATION

March 30, 2001                By:   /s/ Gregory T. Caswell
                                    Gregory T. Caswell
                                    President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

March 30, 2001                By:   /s/ Gregory T. Caswell
                                    ---------------------------
                                    Gregory T. Caswell
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

March 30, 2001                By:   /s/ Dennis D. Byrd
                                    ---------------------------
                                    Dennis D. Byrd
                                    Vice President and Treasurer
                                    (Principal Financial and Accounting Officer)

And by a majority of the Board of Directors of the Registrant.

March 30, 2001                By:   /s/ David B. Hawkes, Sr.
                                    ---------------------------
                                    David B. Hawkes, Sr.
                                    Chairman of the Board and Director

March 30, 2001                By:   /s/ Gregory T. Caswell
                                    ---------------------------
                                    Gregory T. Caswell, Director

March 30, 2001                By:   /s/ Dennis D. Byrd
                                    --------------------------
                                    Dennis D. Byrd, Director

March 30, 2001                By:   /s/ MaryEllen FitzGerald
                                    ---------------------------
                                    MaryEllen FitzGerald, Director

March 30, 2001                By:   /s/ Roger E. Klein
                                    ---------------------------
                                    Roger E. Klein, Director

March 30, 2001                By:   /s/ Normand E. Simard
                                    ---------------------------
                                    Normand E. Simard

March 30, 2001                By:   /s/ Edward K. Simensky
                                    ---------------------------
                                    Edward K. Simensky, Director

March 30, 2001                By:   /s/ Charles A. Stewart III
                                    ---------------------------
                                    Charles A. Stewart III, Director

                                       19
<PAGE>

                                 EXHIBIT INDEX

Exhibit No.    Description
-----------    -----------

3.1(i)         Restated Certificate of Incorporation (filed as Exhibit 3.1(i) to
               Annual Report on Form 10-K for the year ended December 31, 1997,
               File No. 0-14087 ("1997 Form 10-K"), and incorporated herein by
               reference).

3.1(ii)        Amended and Restated Bylaws.

10.1           First Coastal Corporation Director's Deferred Compensation Plan
               (filed as Exhibit 10.13 to Annual Report on Form 10-K for the
               year ended December 31, 1993, File No. 0-14087, and incorporated
               herein by reference).

10.2           Agreement for Data Processing Services, dated February 28, 1996,
               between Coastal Savings Bank and Data Dimensions Inc. (filed as
               Exhibit 10.12 to Annual Report on Form 10-K for the year ended
               December 31, 1995, File No. 0-14087, and incorporated herein by
               reference).

10.3           First Coastal Corporation 1996 Stock Option and Equity Incentive
               Plan (filed as Exhibit 10.13 to Amendment No. 3 to Annual Report
               on Form 10-K on Form 10-K/A for the year ended December 31, 1995,
               File No. 0-14087, and incorporated herein by reference).

10.4           Loan Agreement, dated as of July 24, 1996, among First Coastal
               Corporation and Androscoggin Savings Bank, Bangor Savings Bank,
               Machias Savings Bank and Norway Savings Bank (collectively, the
               "Lenders") and Machias Savings Bank, as agent (filed as Exhibit
               10.9 to Quarterly Report on Form 10-Q for the quarter ended June
               30, 1996, File No. 0-14087 ("June 1996 Form 10-Q"), and
               incorporated herein by reference).

10.5           Stock Pledge Agreement, dated as of July 24, 1996, between First
               Coastal Corporation and Machias Savings Bank, for itself and as
               agent for the Lenders (filed as Exhibit 10.10 to June 1996 Form
               10-Q, and incorporated herein by reference).

10.6           Promissory Note, dated July 24, 1996, by First Coastal
               Corporation for the benefit of Androscoggin Savings Bank (filed
               as Exhibit 10.11 to June 1996 Form 10-Q, and incorporated herein
               by reference).

10.7           Promissory Note, dated July 24, 1996, by First Coastal
               Corporation for the benefit of Bangor Savings Bank (filed as
               Exhibit 10.12 to June 1996 Form 10-Q, and incorporated herein by
               reference).

10.8           Promissory Note, dated July 24, 1996, by First Coastal
               Corporation for the benefit of Machias Savings Bank (filed as
               Exhibit 10.13 to June 1996 Form 10-Q, and incorporated herein by
               reference).

10.9           Promissory Note, dated July 24, 1996, by First Coastal
               Corporation for the benefit of Norway Savings Bank (filed as
               Exhibit 10.14 to June 1996 Form 10-Q, and incorporated herein by
               reference).

10.10          Rights Agreement, dated as of February 25, 1998, between First
               Coastal Corporation and ChaseMellon Shareholder Services, L.L.C.
               (filed as Exhibit No. 1 to Current Report on Form 8-K, filed
               March 3, 1998, and incorporated herein by reference).
<PAGE>

10.11          Agreement of Purchase and Sale, dated August 18, 1998, between
               Coastal Bank and SYSCO Food Services of Northern New England,
               Inc. (filed as Exhibit No. 99(a) to Current Report on Form 8-K,
               filed August 31, 1998, and incorporated herein by reference).

10.12          Employment Agreement, dated as of September 4, 1998, among
               Coastal Bank, First Coastal Corporation and Dennis D. Byrd (filed
               as Exhibit No. 10.12 to Quarterly Report on Form 10-Q for the
               quarter ended September 30, 1998, File No. 0-14087 ("September
               1998 Form 10-Q"), and incorporated herein by reference).

10.13          Employment Agreement, dated as of September 4, 1998, among
               Coastal Bank, First Coastal Corporation and Gregory T. Caswell
               (filed as Exhibit No. 10.13 to September 1998 Form 10-Q, and
               incorporated herein by reference).

10.14          Amendment No. 1 to Rights Agreement, dated as of October 15,
               1998, between First Coastal Corporation and ChaseMellon
               Shareholder Services, L.L.C. (filed as Exhibit No. 99(a) to
               Current Report on Form 8-K, filed October 22, 1998, and
               incorporated herein by reference).

10.15          Purchase and Assumption Agreement, dated February 22, 1999,
               between Coastal Bank and Kennebunk Savings Bank (filed as Exhibit
               No. 10.15 to Annual Report on Form 10-K for the year ended
               December 31, 1998, File No. 0-14087, and incorporated herein by
               reference).

10.16          First Coastal Corporation 1996 Stock Option and Equity Incentive
               Plan, as Amended, dated May 18, 1999 (filed as Exhibit No. 10.16
               to Annual Report on Form 10-K for the year ended December 31,
               1999, File No. 0-14087, and incorporated herein by reference).

10.17          First Amendment to Loan Agreement, dated as of August 4, 1999,
               among First Coastal Corporation and Androscoggin Savings Bank,
               Machias Savings Bank and Norway Savings Bank (collectively, the
               "Lenders") and Machias Savings Bank, as agent (filed as Exhibit
               10.1 to Quarterly Report on Form 10-Q for the quarter ended June
               30, 1999, File No. 0-14087 ("June 1999 Form 10-Q"), and
               incorporated herein by reference).

10.18          Acknowledgment and Agreement, dated as of August 4, 1999, among
               First Coastal Corporation and the Lenders (filed as Exhibit 10.2
               to June 1999 Form 10-Q, and incorporated herein by reference).

10.19          Note Modification Agreement (Machias Note #1), dated as of August
               4, 1999 for the benefit of Machias Savings Bank (filed as Exhibit
               10.3 to June 1999 Form 10-Q, and incorporated herein by
               reference).

10.20          Note Modification Agreement (Machias Note #2), dated as of August
               4, 1999 for the benefit of Machias Savings Bank (filed as Exhibit
               10.4 to June 1999 Form 10-Q, and incorporated herein by
               reference).

10.21          Note Modification Agreement (Androscoggin Note), dated as of
               August 4, 1999 for the benefit of Androscoggin Savings Bank
               (filed as Exhibit 10.5 to June 1999 Form 10-Q, and incorporated
               herein by reference).

10.22          Note Modification Agreement (Norway Note), dated as of August 4,
               1999 for the benefit of Norway Savings Bank (filed as Exhibit
               10.6 to June 1999 Form 10-Q, and incorporated herein by
               reference).

10.23          Lease Agreement, dated as of October 26, 1999, between Coastal
               Bank and Olympia Equity Investors III, L.P. (filed as Exhibit
               10.1 to Quarterly Report on Form 10-Q for the quarter ended
               September 30, 1999, File No. 0-14087, and incorporated herein by
               reference).
<PAGE>

10.24          Amendment No. 2 to Rights Agreement, dated as of April 7, 2000,
               between First Coastal Corporation and ChaseMellon Shareholder
               Services, L.L.C. (filed as Exhibit No. 99(a) to Current Report on
               Form 8-K, filed May 23, 2000, and incorporated herein by
               reference).

10.25          Amendment No. 3 to Rights Agreement, dated as of November 1,
               2000, between First Coastal Corporation and ChaseMellon
               Shareholder Services, L.L.C. (filed as Exhibit No. 99(a) to
               Current Report on Form 8-K, filed November 9, 2000, and
               incorporated herein by reference).

13.            First Coastal Corporation 2000 Annual Report

21             Subsidiary of the Company.

23             Consent of PricewaterhouseCoopers LLP to incorporation by
               reference of its report dated February 9, 2001 into the Company's
               Registration Statements on Form S-8 (No. 333-08631 and 333-79475)
               filed with the Securities and Exchange Commission on July 23,
               1996 and May 27, 1999.