Business Digest.

Byline: The Register-Guard

CITY/REGION

LibertyBank gains record profits

Ready to open its second Eugene branch, LibertyBank on Thursday reported a first-quarter profit of $1.3 million.

The Eugene-based bank said its earnings were the highest quarterly profit in its history, and 91 percent greater than the same quarter a year ago.

Loan production remained steady, while balances of checking, savings, money market and certificate of deposit accounts grew, the bank said.

Assets reached $477 million, up 6 percent from the year-earlier period.

The nine-branch bank, owned by the Pape Family of Eugene, on Monday plans to open a branch on West 11th Avenue, across from Fred Meyer.

Chief Executive Bob Fenstermacher said the 3,850-square-foot branch will employ seven people.

Bank posts earnings ahead of merger

PORTLAND - Centennial Bancorp., in what likely will be its last quarterly earnings report, on Thursday said it had a third-quarter profit of $2.4 million.

The holding company of Centennial Bank said profits for the three months ended Sept. 30 equaled 10 cents a share, compared to the $3.5 million, or 13 cents a share, in the year-earlier period.

Centennial has announced it will be acquired by Umpqua Holdings Corp. of Portland, in a stock and cash deal valued at $215 million. The acquisition, pending shareholder and regulatory approval, is supposed to close on Nov. 15.

Centennial Bank was founded in 1974 in Springfield. In 1981, it merged with Valley State Bank of Eugene, and through growth and other mergers became a major Lane County and Oregon bank. In 1999, Centennial moved its headquarters from Eugene to Portland.

Centennial shareholders, who have received voting materials to approve the sale, will meet at 6 p.m. Nov. 6 at the Valley River Inn in Eugene. There, shareholders will discuss the transaction with company executives and learn results of the vote.