West Coast Bancorp was a publicly traded
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
headquartered in
Lake Oswego, Oregon
Lake Oswego () is a city in the U.S. state of Oregon, primarily in Clackamas County, with small portions extending into neighboring Multnomah and Washington counties. Located about south of Portland and surrounding the Oswego Lake, the town was ...
. Its principal holding was West Coast Bank, a full-service, commercial bank with 63 branches in 40 cities in western and central
Oregon
Oregon () is a U.S. state, state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington (state), Washington, while the Snake River delineates much of it ...
and western
Washington
Washington commonly refers to:
* Washington (state), United States
* Washington, D.C., the capital of the United States
** A metonym for the federal government of the United States
** Washington metropolitan area, the metropolitan area centered on ...
. 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
Newport is a city in Lincoln County, Oregon, United States. It was incorporated in 1882, though the name dates back to the establishment of a post office in 1868. Newport was named for Newport, Rhode Island. As of the 2010 census, the city had ...
, under the name of Bank of Newport. In 1995, Bank of Newport merged with Commercial Bank of
Salem, Oregon
Salem ( ) is the capital of the U.S. state of Oregon, and the county seat of Marion County, Oregon, Marion County. It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city. The river ...
. In 1999, after acquisitions of the Bank of Vancouver (of
Vancouver, Washington
Vancouver is a city on the north bank of the Columbia River in the U.S. state of Washington, located in Clark County. Incorporated in 1857, Vancouver has a population of 190,915 as of the 2020 census, making it the fourth-largest city in Was ...
), and Centennial Bank of
Olympia, Washington
Olympia is the capital of the U.S. state of Washington and the county seat and largest city of Thurston County. It is southwest of the state's most populous city, Seattle, and is a cultural center of the southern Puget Sound region.
European ...
, the new entity changed its name to West Coast Bank.
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. Columbia Bank System of
Tacoma, Washington
Tacoma ( ) is the county seat of Pierce County, Washington, United States. A port city, it is situated along Washington's Puget Sound, southwest of Seattle, northeast of the state capital, Olympia, Washington, Olympia, and northwest of Mount ...
, and West Coast announced on September 26, 2012, that Columbia would purchase West Coast in a cash-and-stock deal worth $506 million.
It had traded on the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
as WCBO.
Operations
West Coast Bank offered savings, checking,
money market
The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less.
As short-term securities became a commodity, the money market became a compon ...
,
CD, and
NOW
Now most commonly refers
to the present time.
Now, NOW, or The Now may also refer to:
Organizations
* Natal Organisation of Women, a South African women's organization
* National Organization for Women, an American feminist organization
* Now ...
accounts in addition to
credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...
s. The bank also originated commercial and residential real estate
mortgage loan
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any p ...
s, 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
Bend is a city in and the county seat of Deschutes County, Oregon, United States. It is the principal city of the Bend Metropolitan Statistical Area. Bend is Central Oregon's largest city, with a population of 99,178 at the time of the 2020 U.S ...
and a mortgage loan office and
Small Business Administration
The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...
lending office in
Vancouver, Washington
Vancouver is a city on the north bank of the Columbia River in the U.S. state of Washington, located in Clark County. Incorporated in 1857, Vancouver has a population of 190,915 as of the 2020 census, making it the fourth-largest city in Was ...
.
See also
*
List of companies based in Oregon
This is a list of companies based in Oregon. Oregon is the ninth largest by area and the 27th most populous of the 50 United States. The gross domestic product (GDP) of Oregon in 2010 was $168.6 billion; it is the United States's 26th wealthies ...
*
Woodburn bank bombing
References
External links
West Coast BancorpHoover's profile
{{FormerORCompanies
Banks based in Oregon
Defunct banks of the United States
Companies based in Lake Oswego, Oregon
Banks established in 1925
Companies formerly listed on the Nasdaq
1925 establishments in Oregon
Holding companies established in 1925
Banks disestablished in 2012
Holding companies disestablished in 2012
2012 disestablishments in Oregon
2012 mergers and acquisitions