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NINE-MONTH EARNINGS UP 34.5 PERCENT FOR WEST COAST BANCORP, PARENT COMPANY OF THE BANK OF NEWPORT

 NEWPORT, Ore., Oct. 25 /PRNewswire/ -- West Coast Bancorp (OTC Pink Sheets), parent company of The Bank of Newport, today reported consolidated results for the first nine months of 1993 showing net income of $1,465,812, an increase of 34.5 percent over earnings of $1,089,531 for the same period last year.
 The increase resulted in primary earnings of $1.52 per share, up 37 cents per share, an increase of 32.2 percent over the same period in 1992.
 Total assets grew to $142.4 million as of Sept. 30, 1993, a 10.4-percent increase from Sept. 30, 1992. Total equity also grew by 20.8 percent to $10.7 million; total loans increased by 20.4 percent to $94.4 million.
 "Our continuing strong performance is the result of careful execution of our strategic plan designed to enhance shareholder value in a community bank setting and emphasizes combining traditional banking practices with non-interest related services," said Victor L. Bartruff, president and chief executive officer. "The results reflect continued strong commercial loan demand while maintaining a high standard of credit quality. We have also seen significant increases in fee income from loan brokerage, annuity sales and loan servicing activities augmenting favorable interest margins."
 West Coast Bancorp is an Oregon-based financial services holding company. Its principal subsidiary, The Bank of Newport, is based in Newport and operates branches in Newport, Waldport, Depoe Bay, Lincoln City and Toledo, and a business banking office in Lake Oswego.
 WEST COAST BANCORP
 Nine months ended Sept. 30, 1993 1992
 Revenue $10,324,376 $9,160,258
 Net income 1,465,812 1,089,531
 Earnings per share, primary 1.52 1.15
 Earnings per share, fully diluted 1.52 1.07
 Three months ended Sept. 30, 1993 1992
 Revenue $ 3,697,822 $3,192,758
 Net income 555,871 422,758
 Earnings per share, primary 0.57 0.44
 Earnings per share, fully diluted 0.57 0.41
 -0- 10/25/93
 /NOTE TO EDITORS: West Coast Bancorp (OTC) is NOT WCBC, California.
 /CONTACT: Victor L. Bartruff, president and chief executive officer, of West Coast Bancorp, 503-265-6666/


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

JH-RB -- SE011 -- 6462 10/25/93 15:39 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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