West Coast Bancorp

West Coast Bancorp
Public
Industry Finance and Insurance
Founded 1925
Defunct Bought in 2012
Headquarters Lake Oswego, Oregon, U.S.
Area served
 Oregon, western Washington
Products Consumer Banking
Financial Services
Revenue $179.6M USD (2006)
Subsidiaries West Coast Bank; West Coast Trust

West Coast Bancorp was a publicly traded financial services holding company headquartered in Lake Oswego, Oregon. Its principal holding was West Coast Bank, a full-service, commercial bank with 63 branches in 40 cities in western and central Oregon and western Washington. As of December 31, 2006, the company had deposits totaling $2 billion and net loans of $1.9 billion. In September 2012, Columbia Banking System of Tacoma bought West Coast.

History

The company was first organized in 1925 in Newport, Oregon under the name of Bank of Newport. In 1995, Bank of Newport merged with Commercial Bank of Salem, Oregon. In 1999, after acquisitions of the Bank of Vancouver (of Vancouver, Washington), and Centennial Bank of Olympia, Washington, the new entity changed its name to West Coast Bank.[1][2]

In October 2009, the company raised $155 million in additional capital, but also received a warning about its lending practices from federal and state regulators.[3] Columbia Bank System of Tacoma, Washington and West Coast announced on September 26, 2012, that Columbia would purchase West Coast in a cash and stock deal worth $506 million.[4] It had traded on the NASDAQ as WCBO.

Operations

West Coast Bank offered savings, checking, money market, CD, and NOW accounts in addition to credit cards. The bank also originated commercial and residential real estate mortgage loans, as well as construction, commercial, and consumer loans.

Another subsidiary, West Coast Trust, Inc., provided agency, fiduciary and other related trust services in Oregon. The company also operated a mortgage loan office in Bend, Oregon and a mortgage loan office and Small Business Administration lending office in Vancouver, Washington.

See also

References

  1. ↑ "About West Coast Bank". West Coast Bank. Archived from the original on 2007-12-22. Retrieved 2008-01-09.
  2. ↑ "West Coast Bancorp Completes Consolidation; West Coast Bank Opens for Business" (Press release). West Coast Bank. January 6, 1999. Retrieved 2008-01-09.
  3. ↑ Manning, Jeff (October 26, 2009). "West Coast Bank lands new funds, new problems with a cease-and-desist order". The Oregonian. Retrieved 2009-10-27.
  4. ↑ "Columbia Bank System to acquire West Coast Bancorp". Portland Business Journal. September 26, 2012. Retrieved 26 September 2012.
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