West Coast Bancorp was a publicly traded

financial services Financial services are the 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, accountancy companies, ...

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. 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 o ...

. 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 h ...

, 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. It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city. The river forms the boundary bet ...

. 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. Europea ...

, 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, and northwest of Mount Rainier National Pa ...

, 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 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 ...

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 ...

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 ...

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 stre ...

lending office in

References

External links

West Coast Bancorp

Hoover'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

History

Operations

See also

References

External links