West Coast Bancorp Declares Third Quarter 2008 Cash Dividend of One Cent Per Share
24 September 2008 - 12:00AM
PR Newswire (US)
LAKE OSWEGO, Ore., Sept. 23 /PRNewswire-FirstCall/ -- The West
Coast Bank Board of Directors today declared a third-quarter cash
dividend on the Company's common stock of one cent per share, down
from 13.5 cents per share in the previous quarter. Robert D.
Sznewajs, President & CEO, said, "We believe the cash dividend
reduction is in the best long-term interests of our shareholders
and will preserve and grow the Company's capital base. The cash
dividend decrease will help ensure that the Company maintains its
well-capitalized position in future periods and is reflective of
the Company exercising an abundance of caution in these
unprecedented times. The Company's capital ratio was 10.71% at June
30, 2008, which is well above regulatory capital requirements.
Furthermore, the Company expects its capital ratios at September
30, 2008 to improve over the June 30, 2008 levels." "This decision
was not taken lightly," Sznewajs continued. "The future level of
cash dividends will reflect the Company's earnings generation going
forward and its assessment of the economic environment." West Coast
Bancorp, one of Oregon Business Magazine's 100 Best Companies to
Work For, is a Northwest bank holding company with $2.6 billion in
assets, operating 64 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,
+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/
Copyright