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WEST COAST BANCORP, CA, REPORTS THIRD QUARTER RESULTS

 NEWPORT BEACH, CA, November 5, 1993 -- West Coast Bancorp (NASDAQ-NMS: WCBC), a California multi-bank holding company, today announced a quarterly operating loss of $2.5 million and a nine month loss of $9.0 million. Based upon the findings of a recent FDIC examination, Sunwest Bank, the company's largest subsidiary, and West Coast Bancorp restated the second quarter operating results. The total risk-based capital ratios of West Coast Bancorp and Sunwest Bank have fallen to 7.77 percent and 6.42 percent, respectively, below the 8 percent regulatory minimums. West Coast Bancorp has retained the services of an investment banker to raise additional capital.
 THIRD QUARTER FINANCIAL RESULTS
 West Coast Bancorp reported a net loss of $2.5 million or 27 cents per share for the third quarter ended September 30, 1993, compared with net earnings of $1.2 million, or 13 cents per share, reported in the same quarter a year ago. For the nine months, the company reported a net loss of $9.0 million, or 98 cents per share, compared with a net loss of $127,000, or 1 cent per share in the same period a year ago. The 1993 losses resulted primarily from lower loan volumes and losses associated with nonperforming loans and real estate owned. Prior year results included a recovery of $2,765,000, or 30 cents per share before income taxes from a lawsuit against Lloyd's of London.
 For the quarter, net interest income declined 28 percent to $4.2 million. For the nine months, net interest income was $3.4 million, down 26 percent. These declines reflect both lower loan volumes and lower interest rates. Average loans declined $76 million to $255 million for the first nine months of 1993, reflecting lower loan demand, more stringent underwriting standards, and the liquidation of the company's subsidiary, WCV, Inc. which accounted for approximately $26 million of the decline. As the loan portfolio has repriced at lower prevailing interest rates, the net interest margin declined to 4.83 percent for the quarter, down from 5.49 percent in the same quarter a year ago, and to 5.11 percent for the full nine months, down from 5.36 percent in the same period of 1992.
 For the quarter, the provision for loan losses, collection expenses and the net cost of operation of real estate owned totalled $2.8 million, up from $1.6 million in the third quarter of the prior year.
 For the nine months, these expenses increased to $9.5 million, up from $5.7 million in the same period of 1992. In 1992, the Lloyd's of London settlement decreased the provision for loan losses by $1.2 million as a portion of the settlement was treated as a recovery of a loan loss. Nonperforming assets were $25.5 million on September 30, 1993, down slightly from $27.1 million a year ago.
 Other operating income, exclusive of the litigation settlement in 1992, increased by $92,000 or 10 percent for the quarter.
 Other operating expenses, exclusive of collection and net real estate owned expenses, decreased significantly over the period, down $700,000 for the quarter and $1.6 million for the nine months, due to the liquidation of WCV, Inc. and cost control measures implemented across the board. During the quarter, West Coast Bancorp recorded an additional loss on the liquidation of WCV, Inc. of $100,000 due primarily to losses on real estate owned.
 RESTATEMENT OF SECOND QUARTER OPERATING RESULTS
 In October 1993, Sunwest Bank received the FDIC's Report of Examination at July 19, 1993. In its report the FDIC requested that Sunwest Bank increase its loan loss provision by $2.5 million effective June 30, 1993. This adjustment increased the previous loss reported for the six months ended June 30, 1993 to $6.6 million or 71 cents per share.
 CAPITAL
 At September 30, 1993, West Coast Bancorp had a leverage ratio of 4.50 percent and a Tier 1 risk-based capital ratio of 5.79 percent. Although these ratios exceeded the regulatory minimums, West Coast had a total risk-based capital ratio of 7.77 percent which is below the 8 percent regulatory minimum. In addition, at September 30, 1993, the total risk-based capital ratio at Sunwest Bank fell to 6.42 percent which is below the 8 percent regulatory minimum and its leverage ratio fell to 4.12 percent which is below the required minimum ratio of 6.50 percent under the administrative order imposed by the FDIC in April 1992. As a result of Sunwest's total risk-based capital ratio being below 8 percent, Sunwest Bank is considered undercapitalized under the prompt corrective action provisions of the FDIC. West Coast Bancorp and Sunwest Bank are required to submit capital plans that set forth the steps they will take to become adequately capitalized. West Coast Bancorp is exploring various alternatives for raising additional capital, including a public or private offering of its equity securities or sale of certain assets. West Coast Bancorp has retained an investment banker to assist it in this process.
 Established as a bank holding company in 1984, West Coast Bancorp trades on the NASDAQ Stock Market under the symbol WCBC.
 -0- 11/5/93
 /CONTACT: Frank E. Smith of West Coast Bancorp, 714-730-4492; or Nick Farina, 312-266-7800, Lise Needham, 415-986-1591, or Regina Ryan, 212-661-8030, all of The Financial Relations Board, for West Coast Bancorp/
 (WCBC)


CO: West Coast Bancorp ST: California IN: FIN SU: ERN

TM -- SF010 -- 1328 11/05/93 15:40 EST
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Date:Nov 5, 1993
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