The Lake Oswego bank was able to raise millions in new capital, but was also hit with a cease-and-desist order.
While West Coast Bancorp was able to raise $155 million in new capital, regulators also issued a cease-and-desist order to the bank for unsafe operations.
Bob Sznewajs, president and CEO of the Lake Oswego bank, said the new money was vital for the institution, increasing its capital levels and allowing it to once again lend money.
“We knew that we had to grow the loan portfolio to create revenues to return to profitability at some point in time in the future,” Sznewajs said in a conference call with investors Monday. “The additional capital really provides us with the cushion necessary to deal with the current economic times while simultaneously growing our loan portfolio in a controlled way to qualified borrowers.”
Read the full story at OregonLive.com.
{biztweet}West Coast Bank capital{/biztweet}
