Coast Savings will sell 10 million shares of stock.

The Los Angeles-based savings and loan association also said the Federal Home Loan Bank Board has approved its previously announced plan to convert from mutual to stock ownership. Coast, the last major California savings and loan to convert to public ownership, said it plans to sell the stock for between $12 and $16 a share. The S&L; said customers of record as of May 31 will have the first opportunity to buy the shares.