West Coast Bancorp Expands Stock Repurchase Program
21 April 2004 - 8:04PM
PR Newswire (US)
West Coast Bancorp Expands Stock Repurchase Program LAKE OSWEGO,
Ore., April 21 /PRNewswire-FirstCall/ -- West Coast Bancorp's Board
of Directors authorized an expansion of its common stock repurchase
program by one million shares. Under its ongoing repurchase
program, which commenced in July 2000, the Company had repurchased
approximately 2.7 million shares or approximately 18% of its
current common stock outstanding as of March 31, 2004. Including
this one million share buy-back expansion, total remaining
available common shares authorized for repurchase is approximately
1.2 million. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010816/SFTH016ALOGO ) EVP
& CFO Anders Giltvedt said, "We continue to proactively manage
our capital position. We believe our ongoing stock repurchase
program is consistent with our capital management strategy and is
an effective tool to enhance long-term shareholder value."
Decisions regarding the timing of repurchases will be based on
market conditions and other factors. The Company anticipates the
expanded repurchase will be accomplished primarily through open
market transactions, although other methods may be considered. West
Coast Bancorp is a Northwest bank holding company with $1.7 billion
in assets, operating 48 offices in Oregon and Washington. It is the
parent company of West Coast Bank and West Coast Trust. West Coast
Bank services clients who seek the resources, sophisticated
products and expertise of large financial institutions, along with
the local decision making power, market knowledge, and customer
service orientation of a community bank. The Company offers a broad
range of banking, investment, fiduciary and trust services. For
more information, please visit the Company web site at
http://www.wcb.com/. 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: the Company stock's 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 other 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.
http://www.newscom.com/cgi-bin/prnh/20010816/SFTH016ALOGO
http://photoarchive.ap.org/ DATASOURCE: West Coast Bancorp CONTACT:
Robert D. Sznewajs, President & CEO, +1-503-598-3243, or Anders
Giltvedt, Executive Vice President & CFO, +1-503-598-3250, both
of West Coast Bancorp Web site: http://www.wcb.com/
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