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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 1, 1997
WEST COAST BANCORP
(Exact name of registrant as specified in its charter)
OREGON
(State or other jurisdiction of incorporation)
0-10997 93-0773000
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(Commission File Number) IRS Employer Identification No.
5335 SW Meadows Rd, Suite 201
Lake Oswego, OR 97035
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (503) 684-0884
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ITEM 5. OTHER EVENTS
On February 10, 1997, West Coast Bancorp, Lake Oswego, Oregon
("Bancorp") announced the reorganization of its senior management to modify its
Co-Presidency structure, appointing Victor L. Bartruff as President and Chief
Executive Officer and Rodney B. Tibbatts, Executive Vice President and Director
of Corporate Development.
Messrs. Bartruff and Tibbatts have shared the position of President and
Chief Executive Officer of Bancorp since the merger of equals on February 28,
1995 between West Coast Bancorp, Newport, Oregon with and into Commercial
Bancorp, Salem, Oregon, with Commercial as the surviving corporation, operating
under the name of "West Coast Bancorp". Mr. Bartruff had also been serving as
President and Chief Executive Officer of The Bank of Newport, one of Bancorp's
wholly owned subsidiaries. A new President and Chief Executive Officer of The
Bank of Newport, has been hired, which will allow Mr. Bartruff to focus
full-time on the progress of all Bancorp affiliates and the holding company. The
change in management was effective February 1, 1997.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION, AND EXHIBITS
(a) Financial Statements: Not Applicable
(b) Pro forma Financial Information : Not Applicable
(c) Exhibits.
(99) Press Release dated February 10, 1997 issued by
Bancorp announcing the reorganization of senior
management.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: February 13, 1997
WEST COAST BANCORP
By \s\ Donald A. Kalkofen
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Donald A. Kalkofen, Senior Vice President
and Chief Financial Officer
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NEWS RELEASE
FOR IMMEDIATE RELEASE
For More Information
Contact: Vic Bartruff
(503) 598-3243
WEST COAST BANCORP ANNOUNCES REORGANIZATION OF TOP MANAGEMENT
LAKE OSWEGO, OREGON; February 10, 1997 - West Coast Bancorp (Nasdaq:
WCBO) Oregon's multi-community bank holding company announced today a
reorganization of top management. West Coast Bancorp's Board of Directors has
modified its co-Presidency structure, appointing co-President & CEO, Victor L.
Bartruff as President & CEO and Rodney B. Tibbatts, Executive Vice President and
Director of Corporate Development.
Bartruff and Tibbatts have shared the Presidency of the company since
the merger of equals between West Coast Bancorp and Commercial Bancorp on
February 28, 1995. Bartruff has also been serving as President & CEO of The Bank
of Newport, an affiliate of West Coast Bancorp. A new President & CEO has been
hired at The Bank of Newport now allowing Bartruff to focus full-time on the
progress of all West Coast Bancorp affiliates and the holding company.
The pair recently presented this reorganization to the Board of
Directors. Tibbatts recommended that he continue his efforts on investor
relations, merger and acquisition activities, bank trade association involvement
and certain holding company administrative matters.
"The company will function more efficiently with the dissolution of the
co-CEO structure," says Tibbatts. "This action is clearly in the best interests
of the company, and Vic Bartruff has demonstrated that he is well prepared to
lead our company through our rapidly changing industry."
The two men are looking forward to their continued working
relationship. "Rod's concentrated focus on corporate development activities,
such as the July acquisition of Bank of Vancouver, will continue to help us
achieve external growth objectives, allowing me to operate the company on a
day-to-day basis and the opportunity to lead West Coast Bancorp. I commend Rod
for his actions," says Bartruff.
On January 22, 1997, the bank holding company reported record earnings
for 1996 with consolidated net income of $9,802,000 or $1.47 per share. This
represents a 19 percent increase over 1995.
West Coast Bancorp, the Oregon-based multi-community bank holding
company, operates 32 offices in Western Oregon and Southwestern Washington
markets. It is the parent company of the Bank of Newport, Newport, OR,
Commercial Bank, Salem, OR, Valley Commercial Bank, Forest Grove, OR, Bank of
Vancouver, Vancouver, WA and West Coast Trust, Salem, OR.
Editor's Note: West Coast Bancorp is not: Nasdaq: WCBC (California) or Nasdaq:
WBAN (Florida)
