West Coast Bancorp

West Coast Bancorp was a United States financial-services holding company headquartered in Lake Oswego, Oregon. Its main operating subsidiary, West Coast Bank, served consumers, small businesses, commercial enterprises, and real-estate borrowers in Oregon and Washington. The bank operated a regional branch network consisting of 63 locations in 40 cities across western and central Oregon and western Washington, alongside specialized mortgage and Small Business Administration lending offices. The organization originated in Newport, Oregon, where it was established in 1925 as Bank of Newport. Its regional identity developed through a series of combinations and acquisitions. In 1995, Bank of Newport merged with Commercial Bank of Salem, Oregon. Further expansion followed in 1999, when the company acquired Bank of Vancouver in Vancouver, Washington, and Centennial Bank of Olympia, Washington. After those transactions, the combined institution adopted the West Coast Bank name, reflecting a broader geographic footprint than its original Newport base. West Coast Bank operated as a full-service commercial bank. Its consumer deposit products included checking, savings, money market, certificate of deposit, and NOW accounts, as well as credit cards. Its lending activities covered commercial and residential real-estate mortgages, construction finance, commercial loans, and consumer lending. The company also maintained specialist operations: West Coast Trust, Inc. provided agency, fiduciary, and related trust services in Oregon; a mortgage office operated in Bend, Oregon; and Vancouver, Washington, hosted both a mortgage office and an SBA lending office. The company remained publicly traded on NASDAQ under the symbol WCBO. At December 31, 2006, the business reported approximately $2 billion in deposits and $1.9 billion in net loans, illustrating its position as a substantial regional banking organization rather than a small community bank. During the financial crisis period, West Coast Bancorp raised $155 million of additional capital in October 2009. The same period also brought a warning from federal and state regulators concerning its lending practices, adding supervisory pressure to the institution's capital and operating challenges. On September 26, 2012, West Coast Bancorp and Columbia Banking System of Tacoma, Washington, announced an agreement under which Columbia would acquire West Coast in a cash-and-stock transaction valued at $506 million. The transaction was completed in September 2012, ending West Coast Bancorp's independent existence and bringing its banking operations into Columbia Banking System's organization. The brand is therefore historical rather than active, with its significance resting on its role in the consolidation of banking markets in Oregon and Washington.

West Coast Bancorp traced its origins to Bank of Newport, which was organized in Newport, Oregon, in 1925. The institution initially operated as a local bank, but later expanded its presence through mergers and acquisitions. In 1995, Bank of Newport combined with Commercial Bank of Salem, Oregon, broadening its customer and branch base within the state. A more significant regional expansion occurred in 1999. The company acquired Bank of Vancouver, based in Vancouver, Washington, and Centennial Bank of Olympia, Washington. Following these transactions, the enlarged organization changed its name to West Coast Bank. The new name represented an effort to present the institution as a regional banking franchise serving communities on both sides of the Oregon-Washington market rather than as a single-city bank. West Coast Bancorp functioned as the holding-company structure for West Coast Bank and related financial businesses. West Coast Bank offered ordinary consumer banking services, including checking, savings, money market, certificate of deposit, and NOW accounts, together with credit cards. It also provided a broad lending platform covering commercial and residential real-estate mortgages, construction loans, commercial credit, and consumer loans. The organization supplemented branch banking with specialized operations. West Coast Trust, Inc. delivered agency, fiduciary, and related trust services in Oregon, while mortgage offices in Bend, Oregon, and Vancouver, Washington, supported real-estate finance. The Vancouver operation also included an SBA lending office. The company was headquartered in Lake Oswego, Oregon, and its principal banking franchise ultimately comprised 63 branches in 40 cities across western and central Oregon and western Washington. The geographic concentration gave it a regional rather than national identity. West Coast Bancorp was publicly listed on NASDAQ under the symbol WCBO. At the end of 2006, it reported approximately $2 billion in deposits and $1.9 billion in net loans, indicating a sizeable commercial-bank balance sheet for its operating territory. The global financial crisis and its effect on regional banking formed the final phase of the company's independent history. In October 2009, West Coast Bancorp raised $155 million in additional capital. At approximately the same time, federal and state regulators issued a warning concerning the company's lending practices. These events illustrate both the institution's attempt to strengthen its capital position and the supervisory challenges facing its lending business. On September 26, 2012, West Coast Bancorp and Columbia Banking System, headquartered in Tacoma, Washington, announced that Columbia would purchase West Coast. The consideration was structured as a combination of cash and stock and was valued at $506 million. The acquisition was completed in September 2012. West Coast Bancorp consequently ceased to exist as an independent publicly traded banking company, and its operations became part of Columbia Banking System. Its historical importance lies in the growth of a locally founded Oregon bank into a cross-state regional franchise and in its eventual absorption during a period of continuing consolidation in Pacific Northwest banking.

• 2012

  Acquired by Columbia Banking System

  [1]West Coast Bancorpen.wikipedia.org

  Columbia Banking System agreed to acquire West Coast Bancorp in a cash-and-stock transaction valued at $506 million; the deal was completed in September.

• 2009

  Capital raise and lending-practice warning

  [1]West Coast Bancorpen.wikipedia.org

  West Coast Bancorp raised $155 million in additional capital and received a warning from federal and state regulators concerning its lending practices.

• 2006

  Regional banking scale reported

  [1]West Coast Bancorpen.wikipedia.org

  At December 31, the company reported approximately $2 billion in deposits and $1.9 billion in net loans.

• 1999

  Expansion into Washington and adoption of the West Coast Bank name

  [1]West Coast Bancorpen.wikipedia.org

  After acquiring Bank of Vancouver in Washington and Centennial Bank of Olympia, the combined entity changed its name to West Coast Bank.

• 1995

  Merger with Commercial Bank of Salem

  [1]West Coast Bancorpen.wikipedia.org

  Bank of Newport merged with Commercial Bank of Salem, Oregon, expanding the organization's in-state banking platform.

• 1925

  Bank of Newport is organized

  [1]West Coast Bancorpen.wikipedia.org

  The institution that would eventually become West Coast Bancorp was organized in Newport, Oregon, under the name Bank of Newport.

A regional full-service commercial bank serving consumers, small businesses, commercial customers, and real-estate borrowers in Oregon and Washington.

• Retail banking

  West Coast Bank retail deposits

  West Coast Bank offered a conventional set of consumer deposit products, including checking, savings, money market, certificate of deposit, and NOW accounts. These accounts formed the basic funding and day-to-day banking platform for households and local businesses across the institution's Oregon and Washington branch network.

• Lending

  Commercial and real-estate lending

  The bank originated commercial and residential real-estate mortgages, construction loans, commercial loans, and consumer loans. This lending mix supported property development, business finance, household borrowing, and the broader needs of the regional communities served by West Coast Bank.

• Trust and fiduciary services

  West Coast Trust services

  West Coast Trust, Inc. provided agency, fiduciary, and related trust services in Oregon. The operation extended the group's activities beyond deposit-taking and lending into administration and management services for trust and agency relationships.

• Specialty lending

  Mortgage and SBA lending offices

  The company operated a mortgage loan office in Bend, Oregon, and a mortgage office in Vancouver, Washington. The Vancouver location also housed a Small Business Administration lending office, giving the organization a specialized channel for residential mortgage and small-business finance beyond its standard branch network.

• 2012

  Agree to sale to Columbia Banking SystemM&A

  Background

  West Coast Bancorp operated a regional banking franchise in Oregon and Washington while facing the broader consolidation dynamics of the banking sector.

  Action taken

  The company agreed to be acquired by Columbia Banking System in a cash-and-stock transaction valued at $506 million.

  Aftermath

  The transaction was completed in September 2012, ending West Coast Bancorp's status as an independent public company.

  Transaction value. $506 million announced transaction value (September 26, 2012 announcement; completed September 2012)

  Source

• 2009

  Raise additional capitalStrategy

  Background

  During the financial crisis period, West Coast Bancorp faced capital and regulatory pressure, including a warning from federal and state regulators about its lending practices.

  Action taken

  The company raised $155 million in additional capital in October 2009.

  Aftermath

  The capital raise strengthened the company's resources, but the institution remained subject to regulatory scrutiny and was later acquired by Columbia Banking System in 2012.

  Additional capital raised. $155 million raised (October 2009)

  Source

• 2012

  Columbia Banking System agrees to acquire West Coast Bancorp[1]West Coast Bancorpen.wikipedia.org

  M&A

  Columbia Banking System of Tacoma, Washington, and West Coast announced a cash-and-stock acquisition valued at $506 million. The transaction was completed in September 2012.

• 2009

  West Coast Bancorp raises additional capital amid regulatory lending concerns[1]West Coast Bancorpen.wikipedia.org

  Regulation · Other

  The company raised $155 million in additional capital in October 2009. During the same period, federal and state regulators warned the institution about its lending practices.

1. 1West Coast Bancorpen.wikipedia.org