Ilwaco-based community bank ShoreBank Pacific is set to be a stronger institution after being acquired by OneCalifornia Bank.
Ilwaco-based community bank ShoreBank Pacific announced August 21 it was being acquired by OneCalifornia Bank, the day after the Federal Deposit Insurance Corp. shut its parent company, ShoreBank.
After the purchase, ShoreBank Pacific is set to be a stronger institution more capable of finding its customers capital.
The purchase, subject to regulatory and other approvals, will result in a bank with around $300 million in assets.
ShoreBank Pacific’s survival eased concerns that the bank — which has its largest office in Portland — would abandon the market. Some 70 percent of ShoreBank Pacific’s current $100 million loan portfolio funds sustainable business ventures.
Read more at Sustainable Business Oregon.
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