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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):
March 29, 2000
WEST COAST BANCORP
(Exact name of registrant as specified in its charter)
OREGON
(State or other jurisdiction of incorporation)
0-10997 93-810577
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(Commission File Number) IRS Employer Identification No.
5335 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 March 29, 2000, West Coast Bancorp announced that it had settled a
previously reported pending lawsuit.
West Coast Bancorp is a Northwest community bank holding company,
operating 42 offices in the western Oregon and Washington markets. West Coast
Bancorp is the parent company of West Coast Bank and West Coast Trust.
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 March 29, 2000 issued by Bancorp
announcing the accrued loss.
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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: March 30, 2000
WEST COAST BANCORP
By: /s/ Robert D. Sznewajs
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Robert D. Sznewajs
President and Chief Executive Officer
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Exhibit 99
Robert D. Sznewajs
President & CEO
(503) 598-3243
WEST COAST BANCORP SETTLES LAWSUIT
LAKE OSWEGO, OR - March 29, 2000 - West Coast Bancorp (Nasdaq: WCBO) today
announced the settlement of a lawsuit previously reported by the Company against
its wholly owned commercial bank subsidiary West Coast Bank. On March 16, 2000,
West Coast Bank entered into a Settlement and Loan Purchase Agreement with the
lawsuit plaintiffs Edward and Marianne Fischer. Under this Agreement, West Coast
Bank paid $5.4 million in cash to the plaintiffs in exchange for a release of
all claims against the Bank. The Bank also received a loan and first mortgage
interest in certain property in Lincoln County, Oregon. The plaintiffs had
claimed damages against the Bank based on allegations that the Bank failed to
provide take out financing to pay off the loan made by the plaintiffs to another
party. The plaintiffs also sought punitive damages against the Bank. An action
to foreclose against the Lincoln County property is currently pending.
Based on a recently received appraisal on the property and related carrying,
disposition, and other cost estimates, West Coast Bank currently estimates the
net book value of the Lincoln County property at approximately $400,000.
Accordingly, in connection with this settlement, the Company will expense in its
first quarter 2000 results, the net effect of approximately $5 million, for this
non-recurring item. This one time event will have an after-tax impact on first
quarter earnings of approximately $3.2 million, or about $0.21 per fully diluted
share.
Risk Factors and Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking statements, which are
subject to factors, risks, and uncertainties that may cause actual results to
differ materially from those projected. Some of those factors which may affect
the Bank's estimate above, among other things, are (1) environmental factors and
issues that may affect the Lincoln County Property, (2) environmental damage or
pollutants currently unknown to management that may affect the Lincoln County
property, (3) any defenses raised or other matters occurring that prevent or
delay the Bank's ability to foreclose its interest in the Lincoln County
property, if the Bank chooses to foreclose this interest, which it may not, (4)
factors affecting the real estate market and property values in Lincoln County,
Oregon, (5) actual market or sale values of property can differ from appraised
values, (6) factors affecting the highest and best use of the property or the
feasibility of developing the property, and (7) fluctuations in interest rates.
Bancorp undertakes no obligation to publicly revise or update these
forward-looking statements to reflect events or circumstances that arise after
the date of this report. Readers should also carefully review the risk factors
described in other documents West Coast Bancorp files from time to time with the
Securities and Exchange Commission.
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West Coast Bancorp is a Northwest community bank holding company and parent
company of West Coast Bank and West Coast Trust. The Bank operates 41 offices in
Oregon and Washington.
The Company will entertain questions regarding this press release during a
conference call to be held at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) on
Thursday, March 30, 2000. The toll free number for the call is (888) 476-3762.
Please use participant code #141249 to join the call. Company responses will be
limited to public information and non-material matters. Confidential information
will not be disclosed.
Transmitted on Business Wire
EDITOR'S NOTE - WEST COAST BANCORP IS NOT Nasdaq: WCBC, California
