One PacificCoast Bancorp completed its $8.75 million purchase of Portland-based Albina Community Bank’s stock.
One PacificCoast Bancorp completed its $8.75 million purchase of Portland-based Albina Community Bank’s stock.
Under the deal, first announced in January, Albina gets the infusion of capital that regulators ordered it to obtain. Though One PacificCoast now owns most of its stock, Albina will continue to operate under its name, with separate management, existing staff and its own board of directors.
Albina, which has five branches in Portland, had been under federal and state regulatory order since 2010 to raise more money and address bad loans.
Read more at OregonLive.com.
