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 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
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), and Centennial Bank of
Olympia, Washington, 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, 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,
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
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 lending office in
Vancouver, Washington.
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