West Coast Bancorp
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1925 |
| Fate | Acquired by Columbia Banking System in 2012 |
| Headquarters | Lake Oswego, Oregon , United States |
Area served | Western and central Oregon, western Washington |
| Products | Consumer banking, commercial banking, fiduciary and trust services, mortgage loans |
| Parent | Columbia Banking System (from 2012) |
West Coast Bancorp operated as a publicly listed financial services holding company headquartered in Lake Oswego, Oregon. Its principal asset was West Coast Bank, a comprehensive commercial bank maintaining 63 branches spread over 40 cities throughout western and central Oregon as well as western Washington. By December 31, 2006, the institution managed deposits totaling $2 billion alongside $1.9 billion in net loans. In September 2012, ownership transferred to Columbia Banking System, based in Tacoma.
History
The enterprise originated in 1925 under the name Bank of Newport located in Newport, Oregon. In 1995, it combined operations with Commercial Bank of Salem, Oregon. After acquiring Bank of Vancouver and Centennial Bank of Olympia, Washington, in 1999, the organization adopted the West Coast Bank brand.
In October 2009, West Coast Bancorp successfully secured $155 million in capital; however, it encountered regulatory scrutiny concerning its lending practices. On September 26, 2012, Columbia Banking System declared a $506 million acquisition deal involving cash and stock for West Coast Bancorp. The company’s shares were publicly traded on the NASDAQ exchange under the symbol WCBO.
Operations
West Coast Bank delivered a variety of consumer banking services such as savings accounts, checking accounts, money market accounts, certificates of deposit (CDs), NOW accounts, and credit cards. Its lending portfolio included commercial and residential real estate mortgages as well as construction loans, commercial loans, and consumer loans.
Through its subsidiary West Coast Trust, Inc., the company provided fiduciary and agency trust services within Oregon. Additionally, it maintained mortgage loan offices in Bend, Oregon and Vancouver, Washington, with the Vancouver location also housing a Small Business Administration lending division.
See also
External links
- 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