Key Developments For West Coast Bancorp
West Coast Bancorp (WCBO.O) (Nasdaq)
West Coast Bancorp Raises $155 Million In Capital Through Private Placements
West Coast Bancorp announced that it has received capital investments with gross aggregate proceeds in the amount of $155.0 million, $134.2 million of which has been contributed to its wholly owned banking subsidiary, West Coast Bank. The new, unaffiliated investors have been issued shares of Series A Mandatorily Convertible Participating Preferred Stock (Series A Preferred Stock) and Series B Convertible Participating Preferred Stock (Series B Preferred Stock). The unaffiliated investors include, among others, MFP Partners, L.P., a family investment partnership managed by Michael F. Price; Castle Creek Capital; and GF Financial, LLC. The Series A Preferred Stock will mandatorily convert into common stock upon receipt of necessary shareholder approval. The Series B Mandatorily Convertible Preferred Stock will convert into common stock only following receipt of necessary shareholder approval and after being sold to unaffiliated third parties in a widely dispersed offering by its initial owner. The Company has agreed with the investors to promptly seek shareholder approval for the transactions, which is required, both to increase the authorized shares of common stock available for issuance, and under applicable NASDAQ listing rules.
West Coast Bancorp Announces Suspension Of Shareholder Dividend
West Coast Bancorp announced that it has suspended the payment of cash dividends to its shareholders. The Company said given the Company's operating losses over the past twelve months and the continuing weak economy, payment of cash dividends has been suspended as part of the Company's efforts to preserve capital.
West Coast Bancorp Declares Second Quarter 2009 Cash Dividend Of $0.01 Per Share
West Coast Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.01per share. The dividend will be payable on July 31, 2009, to shareholders of record on July 10, 2009.
West Coast Bancorp Declares First Quarter 2009 Cash Dividend
West Coast Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.01 per share. The dividend will be payable on April 30, 2009, to shareholders of record on April 10, 2009.
West Coast Bancorp Declares Fourth Quarter 2008 Cash Dividend
West Coast Bancorp announced that its Board of Directors declared a quarterly cash dividend of one cent per share. The dividend will be payable on January 30, 2009, to shareholders of record on January 9, 2009.
