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Article: Struggler Now Has Capital to Spare in Ore.(Community Banking)(West Coast Bancorp.'s financial report)(Financial report)
- Article from:
- American Banker
- Article date:
- October 27, 2009
- Author:
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Byline: Marissa Fajt
West Coast Bancorp of Lake Oswego, Ore., one of many struggling institutions in the Pacific Northwest, said Monday it managed to raise all the capital it needed to satisfy regulators - and then some.
West Coast got $155 million from a group of private-equity investors, despite being weighed down by construction loans, suffering heavy losses for five straight quarters, and having a regulatory order.
The private placement, which involved several well-known industry investors, including Michael F. Price, boosted the total risk-based capital ratio at the company's bank unit to a hearty 17%.
Robert D. Sznewajs, the $2.7 ...