<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE EXCHANGE ACT OF 1934
(AMENDMENT NO. )
WEST COAST BANCORP
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
952145100
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(CUSIP Number)
RICHARD J. PERRY JR., ESQUIRE
LEVI PERRY SIMMONS & LOOTS, P.C.
805 FIFTEENTH STREET, N.W., SUITE 1101
WASHINGTON, D.C. 20005
TEL: (202) 326-8602
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
DECEMBER 20, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject if this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box .
---
Check the following box if a fee is being paid with this statement. _x_ A fee
is not required only if the reporting person (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item (1); and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
<PAGE> 2
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CUSIP NUMBER 952145100 PAGE 2 OF 15 PAGES
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1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Western Acquisition Partners, L.P. / 36-4081807
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
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3. SOURCE OF FUNDS
WC
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4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) &
2(e)
NO
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5. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES 6. SOLE VOTING POWER
OWNED BY
EACH REPORTING -----------------------------------------------------------
PERSON WITH 7. SHARED VOTING POWER
722,000 SHARES
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8. SOLE DISPOSITIVE POWER
-----------------------------------------------------------
9. SHARED DISPOSITIVE POWER
722,000 SHARES
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10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
722,000 SHARES
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11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN
SHARES?
No
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12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
7.87%
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13. TYPE OF REPORTING PERSON
PN
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<PAGE> 3
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CUSIP NUMBER 952145100 PAGE 3 OF 15 PAGES
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1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Western Acquisitions, L.L.C. / 36-4068258
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
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3. SOURCE OF FUNDS
AF
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4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) &
2(e)
NO
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5. CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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NUMBER OF SHARES 6. SOLE VOTING POWER
OWNED BY
EACH REPORTING ---------------------------------------------------------
PERSON WITH 7. SHARED VOTING POWER
722,000 SHARES
---------------------------------------------------------
8. SOLE DISPOSITIVE POWER
---------------------------------------------------------
9. SHARED DISPOSITIVE POWER
722,000 SHARES
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10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
722,000 SHARES
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11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN
SHARES?
NO
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12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
7.87%
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13. TYPE OF REPORTING PERSON
OO
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<PAGE> 4
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CUSIP NUMBER 952145100 PAGE 4 OF 15 PAGES
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1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Eric D. Hovde\ S.S. # ###-##-####
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
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3. SOURCE OF FUNDS
AF, PF
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4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) &
2(e)
NO
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5. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
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NUMBER OF SHARES 6. SOLE VOTING POWER
OWNED BY
EACH REPORTING 20,000 SHARES
PERSON WITH -----------------------------------------------------------
7. SHARED VOTING POWER
722,000 SHARES
-----------------------------------------------------------
8. SOLE DISPOSITIVE POWER
20,000 SHARES
-----------------------------------------------------------
9. SHARED DISPOSITIVE POWER
722,000 SHARES
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10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
742,000 SHARES
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11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN
SHARES?
NO
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12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
8.09%
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13. TYPE OF REPORTING PERSON
IN
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<PAGE> 5
ITEM 1. SECURITY AND ISSUER
The class of security to which this statement relates is the common
stock, no par value (the "Shares"), of West Coast Bancorp (the "Issuer").
The address of the principal executive offices of the Issuer is 4770 Campus
Drive, Suite 250, Newport Beach, California 92660-1833.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this statement are Western Acquisition Partners,
L.P. (the "Limited Partnership"), Western Acquisitions, L.L.C. and Eric D.
Hovde, who are collectively referred to herein as the "Reporting Persons." The
Limited Partnership is a Delaware limited partnership formed for the purpose of
investing in, among other things, the common stock of Sunwest Bank, Tustin,
California, and in the equity securities of various other financial
institutions. Western Acquisitions, L.L.C., an Illinois limited liability
company, is the general partner (the "General Partner") of the Limited
Partnership. Eric D. Hovde is a managing member of the General Partner.
Attached as Schedule 1 hereto and incorporated by reference herein is
a list containing the principal business and the address of principal business
and office for the Limited Partnership, the General Partner and Eric D. Hovde
as well as information required by (a) through (f) of this Item as to each
executive officer, director and/or controlling person of the General Partner.
The General Partner controls the Limited Partnership.
None of the Reporting Persons or executive officers, directors or
controlling persons of the General Partner has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
The Reporting Persons do not believe that they constitute a "group"
within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934.
Nevertheless, the Reporting Persons are making this filing because of the
possibility that they may be deemed a group, although each of the Reporting
Persons disclaims any membership in, and the existence of, such a group.
Neither the making of this filing nor any statement contained herein shall be
deemed to be an admission by any of the Reporting Persons that a group exists.
<PAGE> 6
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Information regarding the source and amount of funds used by the
Reporting Persons in acquiring beneficial ownership of their Shares is set
forth in Schedule 2 attached hereto and incorporated herein by reference.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired the Shares for investment purposes
and as set forth below:
(a) Each of the Reporting Persons may independently acquire
additional Shares or dispose of some or all of its/his Shares.
(b) None.
(c) None.
(d) None.
(e) None.
(f) None.
(g) None.
(h) None.
(i) None.
(j) None.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a), (b) Schedule 3 hereto, which is incorporated by reference
herein, sets forth, as of January 22, 1997 information relating to the
aggregate number of Shares of the Issuer and the percentage of the outstanding
Shares of the Issuer as of such date (based upon information provided by the
Issuer, there are 9,168,942 Shares outstanding as of that date) as to each of
the Reporting Persons.
(c) None.
(d) None.
<PAGE> 7
(e) Not applicable.
Each of the Reporting Persons disclaims beneficial ownership of Shares
beneficially owned by any of the other Reporting Persons.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
See response to Item 4 hereof.
Item 7. MATERIALS TO BE FILED AS EXHIBITS
Exhibit A - Consent Agreement pursuant to 17 C.F.R.Section
13d-1(f)(1).
<PAGE> 8
Signatures
After reasonable inquiry and to the best of his/its knowledge and
belief, each of the undersigned Reporting Persons certifies that the
information set forth in this statement with respect to him/it is true,
complete and correct.
WESTERN ACQUISITION PARTNERS, L.P. by
its General Partner, WESTERN ACQUISITIONS,
L.L.C.
By: /s/ Eric D. Hovde
Its: Managing Member
WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
Its: Managing Member
ERIC D. HOVDE
/s/ Eric D. Hovde
<PAGE> 9
SCHEDULE 1
INFORMATION RELATING TO REPORTING PERSONS
<TABLE>
<CAPTION>
PRINCIPAL BUSINESS AND
ADDRESS OF PRINCIPAL BUSINESS
NAME OR PRINCIPAL OFFICE
---- -----------------------------
<S> <C>
Western Acquisition Partners, L.P. Limited partnership formed to make investments
primarily in equity securities of financial
institutions
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Delaware
Western Acquisitions, L.L.C. Limited liability company formed to serve as the
general partner of the Limited Partnership
1629 Colonial Parkway
Inverness, Illinois 60067
Incorporated: State of Delaware
Eric D. Hovde Investment Banker
1826 Jefferson Place, NW
Washington, DC 20036
</TABLE>
<PAGE> 10
INFORMATION RELATING TO EXECUTIVE OFFICERS, DIRECTORS AND/OR
CONTROLLING PERSONS
<TABLE>
<CAPTION>
NAME PRINCIPAL OCCUPATION
ADDRESS BUSINESS ADDRESS CITIZENSHIP
------------ ----------------------- ---------------------
<S> <C> <C>
Steven D. Hovde Investment banker U.S.
1629 Colonial Parkway Hovde Financial, Inc.
Inverness, Illinois 60067 1629 Colonial Parkway
Inverness, Illinois 60067
Investment banking firm
Eric D. Hovde Investment banker
1826 Jefferson Place, N.W. Hovde Financial, Inc. U.S.
Washington, D. C. 20036 1826 Jefferson Place, N.W.
Washington, D. C. 20036
Investment banking firm
</TABLE>
<PAGE> 11
SCHEDULE 2
The following table sets forth the amount and source of funds used by
each Reporting Person in acquiring the Shares beneficially owned by it.
<TABLE>
<CAPTION>
AMOUNT
ORIGINALLY
TOTAL FINANCED/ SOURCE OF
NAME CONSIDERATION CURRENT BALANCE FUNDS *
---- ------------- --------------- ------------
<S> <C> <C> <C>
Western Acquisition $418,760.00 $0.00/ Working Capital
Partners, L.P. $0.00
Western Acquisitons, $418,760.00 $0.00/ Working Capital of
L.L.C. $0.00 Affiliate
Eric D. Hovde $426,404.00 $0.00/ Personal Funds/ Working
$0.00 Capital of Affiliate
</TABLE>
- ------------------------------
<PAGE> 12
SCHEDULE 3
The following table sets forth the number and approximate percentage
of Shares beneficially owned by each of the Reporting Persons. Other than
20,000 Shares over which Mr. Eric D. Hovde also possesses sole power to vote
or to direct the vote and to dispose or to direct the disposition of such
Shares, each of the Reporting Persons has shared power to vote or to direct
the vote and to dispose or to direct the disposition of the Shares of which
each of them, respectively, possesses beneficial ownership.
<TABLE>
<CAPTION>
APPROXIMATE
NAME NUMBER OF SHARES PERCENTAGE
---- ---------------- --------------
<S> <C> <C>
Western Acquisition 722,000 7.87%
Partners, L.P.
Western Acquisitons, L.L.C. 722,000 7.87%
Eric D. Hovde 742,000 8.09%
</TABLE>
<PAGE> 13
SCHEDULE 4
DESCRIPTION OF TRANSACTIONS IN SHARES EFFECTED WITHIN 60 DAYS
The reporting persons effected the following transactions in the Shares within
sixty (60) days of January 22, 1997:
<TABLE>
<CAPTION>
TRANSACTION AMOUNT OF TRANSACTION TRANSACTION
DATE SHARES PRICE BROKER TYPE
--------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C>
12/20/96 518,000 $.58 Private/ None Buy
12/20/96 204,000 $.58 Private/ None Buy
</TABLE>
<PAGE> 14
EXHIBIT INDEX
Exhibit A - Consent Agreement pursuant to 17 C.F.R.Section 13d-1(f)(1).
<PAGE> 15
EXHIBIT A
Consent Agreement Pursuant to 17 C.F.R. Section 13d-1(f)(1)
Each of the undersigned hereby consents and agrees to the filing on behalf
of each of them of the foregoing joint statement on Schedule 13D pursuant to 17
C.F.R. 13d-1(f)(1) with respect to his/its beneficial ownership of the shares
of the Issuer.
WESTERN ACQUISITION PARTNERS, L.P. by its
General Partner, WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
Its: Managing Member
WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
Its: Managing Member
ERIC D. HOVDE
/s/ Eric D. Hovde
