West Coast Bank Purchases Washington Mutual Agricultural Loans
01 November 2004 - 6:15PM
PR Newswire (US)
West Coast Bank Purchases Washington Mutual Agricultural Loans LAKE
OSWEGO, Ore., Nov. 1 /PRNewswire-FirstCall/ -- West Coast Bank
(NASDAQ:WCBO) has purchased a significant portion of Washington
Mutual's Oregon and Washington agricultural loan portfolio from
Seneca Street, Inc., a subsidiary of Washington Mutual Bank. The
loan purchase includes $56 million in outstanding loans and $42
million in undisbursed commitments. Washington Mutual recently
announced its decision to exit the agricultural lending arena -- a
market of strategic importance to West Coast Bank. Subsequently,
West Coast Bank hired several commercial bankers in the
agricultural lending arena from Washington Mutual and has now
completed the purchase of agricultural loans from Washington
Mutual. Xandra McKeown, Executive Vice President of Commercial
Banking at West Coast Bank, said, "The purchase will eliminate the
urgency for new customers to close and reinstate their lines of
credit. Because we've hired many of the agricultural lending
specialists from Washington Mutual, a significant advantage for
these new clients is that they'll be able to continue to work with
their previous banker without disruption to their business
activities." West Coast Bank President & CEO Robert D. Sznewajs
said, "This purchase furthers the company's strategic plan to
increase our commercial banking and agricultural business in the
Portland-Vancouver and Salem commercial banking markets, where we
are the largest community bank headquartered in Oregon. And we're
pleased to provide our new customers a smooth process for joining
West Coast Bank." West Coast Bancorp, one of Oregon Business
Magazine's 100 Best Companies to Work For, is a Northwest bank
holding company with $1.7 billion in assets, operating 52 offices
in Oregon and Washington. The company combines the sophisticated
products and expertise of larger banks with the local decision
making, market knowledge and customer service of a community bank.
For more information, visit the Company web site at
http://www.wcb.com/. DATASOURCE: West Coast Bancorp CONTACT: Robert
D. Sznewajs, President & CEO of West Coast Bancorp,
+1-503-598-3243 Web site: http://www.wcb.com/
Copyright
West Coast Bancorp (MM) (NASDAQ:WCBO)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
West Coast Bancorp (MM) (NASDAQ:WCBO)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
Echtzeit-Nachrichten über West Coast Bancorp (MM) (NASDAQ): 0 Nachrichtenartikel
Weitere West Coast Bancorp (MM) News-Artikel