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WEST COAST BANCORP SHAREHOLDERS SIGN AGREEMENT

 NEWPORT, Ore., June 16 /PRNewswire/ -- A group of West Coast Bancorp shareholders representing approximately 19.3 percent of the outstanding shares (167,171 shares) of West Coast Bancorp (OTC Pink Sheets) have entered into an agreement opposing an unsolicited merger proposal by Western Bank (NASDAQ: WSBK) of Coos Bay, according to West Coast Bancorp. The agreement states that shareholders consider Western Bank's offer to be inadequate and unacceptable.
 According to West Coast Bancorp Chairman J.F. Ouderkirk, the agreement also states that the shareholders will stand together in opposition to the hostile takeover bid announced April 8 by Western Bank's chairman and controlling shareholder, Georges C. St. Laurent Jr.
 After weeks of careful consideration, the board of directors of West Coast Bancorp rejected Western Bank's uninvited offer stating that, among other reasons, the price proposed was inadequate. The board noted that both the cash price and the stock exchange were significantly below the fair value of West Coast Bancorp as determined by its independent financial advisors, who considered the bank's present and projected financial performance.
 West Coast Bancorp is an Oregon-based financial services holding company with headquarters in Newport. Its principal subsidiary is the Bank of Newport, which has branches in Newport, Waldport, Lincoln City, Depoe Bay and Toledo, and a business banking office in Lake Oswego. West Coast Bancorp also operates a commercial and residential mortgage brokerage business in Lake Oswego.
 -0- 6/16/93
 /CONTACT: J.F. Ouderkirk of West Coast Bancorp, 503-265-6666/
 (WSBK)


CO: West Coast Bancorp; Western Bank ST: Oregon IN: FIN SU: TNM

GH-SW -- SE009 -- 2783 06/16/93 17:04 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
Words:267
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