West Coast Bancorp Raises $155 Million in Capital Through Private Placements and Announces Q3 Financial Results

West Coast Bancorp Raises $155 Million in Capital Through Private Placements and Announces Q3 Financial Results Aggregate proceeds of $155.0 million, of which $134.2 million has been contributed to West Coast Bank.

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 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. The Company intends to file a proxy statement with respect to these shareholder approvals as soon as practicable.

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