-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NW76pP1EM8yhcwHfZB4zh1yDh1g/0EWTxzW9fWc3v3z38CBjnE7b20yNL/tQb8Kq nkxB+r+OqAL44YXeL7NsdA== 0000891020-01-500458.txt : 20020413 0000891020-01-500458.hdr.sgml : 20020413 ACCESSION NUMBER: 0000891020-01-500458 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011218 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEST COAST BANCORP /NEW/OR/ CENTRAL INDEX KEY: 0000717059 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 930810577 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10997 FILM NUMBER: 1823076 BUSINESS ADDRESS: STREET 1: 5335 SW MEADOWS RD STREET 2: SUITE 201 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5036840884 MAIL ADDRESS: STREET 1: 5335 SW MEADOWS RD STREET 2: SUITE 201 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 FORMER COMPANY: FORMER CONFORMED NAME: COMMERCIAL BANCORP DATE OF NAME CHANGE: 19920703 8-K 1 v780818ke8-k.txt FORM 8-K 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 18, 2001 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 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 ITEM 5. OTHER EVENTS On December 18, 2001, West Coast Bancorp ("Bancorp") announced that it had raised $5 million from its participation in a pooled trust preferred offering. Bancorp issued long-term floating rate trust preferred securities, redeemable at any time after five years and under certain other circumstances, and, at the same time, entered into a swap agreement fixing the interest rate on the securities for five years. On December 19, 2001, West Coast Bank (the "Bank"), a wholly owned subsidiary of Bancorp, settled pending litigation with B.A.S.S. Construction Company. The litigation matter has been previously reported in Bancorp's prior SEC filings, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2001. As part of the settlement, B.A.S.S. received an option to purchase the property at issue in the litigation by June 28, 2002. Bancorp expects to incur no further loss in connection with this matter. 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 December 18, 2001, issued by the Bancorp announcing the trust preferred offering. 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 26, 2001 WEST COAST BANCORP By:/s/Robert D. Sznewajs --------------------------------------- Robert D. Sznewajs President and Chief Executive Officer EX-99 3 v780818kex99.txt EXHIBIT 99 PRESS RELEASE For Immediate Release Contact: Robert D. Sznewajs, President & CEO (503) 684-0884 Anders Giltvedt, Executive Vice President & CFO (503) 598-3250 WEST COAST BANCORP ISSUES TRUST PREFERRED SECURITIES LAKE OSWEGO, OR - DECEMBER 18, 2001 - West Coast Bancorp (NASDAQ: WCBO) today announced it has raised $5 million from its participation in a pooled trust preferred offering. The Company issued long-term floating rate trust preferred securities and, at the same time, entered into a swap agreement fixing the interest rate on the securities for five years. The securities are redeemable by the Company at any time after five years and under certain other circumstances. Keefe, Bruyette & Woods and First Tennessee Capital Markets managed the offering. CFO Anders Giltvedt stated, "This issuance is consistent with our efforts to increase return on common equity and we believe this is an opportune time to issue trust preferred securities." Proceeds from the issuance will be used for general corporate purposes, including the Company's ongoing common stock repurchase program. West Coast Bancorp is a northwest bank holding company with $1.4 billion in assets, operating 42 offices in Oregon and Washington. West Coast Bancorp is the parent company of West Coast Bank and West Coast Trust. It is the largest publicly traded bank holding company headquartered in Oregon. The organization offers a broad range of banking, investment, fiduciary and trust services. 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 the 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: the Company's stock market price level, availability and liquidity of the Company's stock, conditions in the stock market, general economic conditions; business conditions in the banking industry; the regulatory environment; new legislation; 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. Website: www.wcb.com Editor's Note: West Coast Bancorp (WCB) is not West Coast Bancorp of California -----END PRIVACY-ENHANCED MESSAGE-----