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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):
December 2, 1998
WEST COAST BANCORP
(Exact name of registrant as specified in its charter)
OREGON
(State or other jurisdiction of incorporation)
0-10997 93-810577
(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 December 2, 1998, West Coast Bancorp ("West Coast") announced that
its Board of Directors has authorized a stock repurchase program. Under the
plan, West Coast will buy up to 1.5 million shares of its common stock, or
approximately 10.6% of the total common shares currently outstanding, through
open market transactions, block purchases, or through privately negotiated
transactions. The repurchased common shares will be available for use under West
Coast's existing stock option plans.
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits:
(99) Press Release issued by West Coast dated December 2, 1998.
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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: December 7, 1998
WEST COAST BANCORP
By: /s/ Victor L. Bartruff
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Victor L. Bartruff
President and Chief Operating Officer
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WEST COAST BANCORP ANNOUNCES STOCK REPURCHASE PLAN
LAKE OSWEGO, Ore.--Dec. 2, 1998--West Coast Bancorp (Nasdaq: WCBO), the
Northwest-based $1.2 billion community bank holding company, announced today
that its board of directors has authorized a stock repurchase program. Under the
plan the company will buy up to 1.5 million shares of the company's common stock
or approximately 10.6 percent of the total common shares currently outstanding.
The stock repurchase plan authorizes the company to make scheduled purchases
over time through open market transactions, block purchases or through privately
negotiated transactions. The plan repurchases will be limited by the anticipated
timing of stock option exercises as well as other parameters. The company
intends to use existing funds and/or long-term borrowings to finance the
repurchases. The repurchased common shares will be available for use under the
company's existing stock option plans.
During 1998, West Coast Bancorp among other things has announced the completion
of its acquisition of Centennial Bank, reported strong operating performance,
issued a 10 percent stock dividend, increased its cash dividend by 25 percent
and began a plan to combine its four separate banking affiliates into a single
community focused bank. The company feels that it is well positioned in its
markets and this repurchase plan is just another piece of the plan to enhance
overall long-term shareholder value.
This press release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), and
this statement is included for the express purpose of protecting West Coast
Bancorp under this Act's safe harbor provisions. The forward-looking statements
are subject to risks and uncertainties that may cause actual results to differ
materially from those projected, such as the following: general economic
conditions; business conditions in the banking industry; year 2000 issues; the
regulatory environment; new legislation; rapidly changing technology and
evolving banking industry standards; competitive standards; competitive factors,
including increased competition among financial institutions; fluctuating
interest rate environments; and similar matters. Readers are cautioned not to
place undue reliance on the forward-looking statements. West Coast Bancorp
undertakes no obligation to publicly revise or update the forward-looking
statements to reflect events or circumstances that arise after the date of this
release.
West Coast Bancorp is a Northwest community bank holding company, operating 40
offices in the western Oregon and Washington markets. West Coast Bancorp is the
parent company of The Bank of Newport and Commercial Bank, based in Oregon, and
Bank of Vancouver and Centennial Bank, based in Washington. West Coast recently
announced its decision to consolidate these four subsidiaries into one
commercial bank named West Coast Bank. West Coast Bancorp also operates West
Coast Trust, a trust company based in Salem, Oregon. The subsidiaries offer a
broad range of banking, investment and trust services.
Contact: Victor L. Bartruff
President & CEO
503-598-3245
Rodney B. Tibbatts
Executive Vice President
503-399-2925
Transmitted on Business Wire December 2, 1998
EDITOR'S NOTE: West Coast Bancorp is not Nasdaq: WCBC (California)
