Acquisition takes Eugene-based bank to $1.7 billion in assets and about $1.2 billion in outstanding loans.
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
The acquisition of Portland-based Capital Pacific Bank by Pacific Continental Bank has closed.
The move takes the Eugene-based bank to $1.7 billion in assets and about $1.2 billion in outstanding loans, the Portland Business Journal reports.
In a news release, Pacific Continental CEO Roger Busse said, “The closing of this acquisition underscores the tremendous amount of work and preparation conducted by employees of both organizations. It also signals the collaboration of two talented groups of employees creating a robust banking presence in the Portland market for the benefit of clients, employees and the community.”
In a feature story in the March 2015 issue of Oregon Business, Busse explained why acquisitions are important in today’s banking climate.
“Institutions face additional regulatory costs, which may make them more prone to look for partners and get scale. But transactions such as Capital Pacific arise not just from regulatory pressures. They are opportunities on the strategic level. The acquisitions are a combination of talent and opportunity to get scale in major markets strategically.”
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From PBJ’s Matthew Kish:
Pacific Continental has five branches in Portland as well as office space in the KOIN Tower. Capital Pacific’s lone location is an office in Fox Tower. Busse previously said the Fox Tower office will be the principal Portland location for the combined bank and it will retain some space in the KOIN Tower.
Capital Pacific, about a year ago, became just the sixth bank to achieve B Corp status, a top sustainability designation that requires an extensive battery of tests and commitment to responsible operations.
