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SIX-MONTH EARNINGS RELEASE FOR WEST COAST BANCORP, PARENT COMPANY OF THE BANK OF NEWPORT

 NEWPORT, Ore., July 14 /PRNewswire/ -- West Coast Bancorp (OTC Pink Sheets), parent company of The Bank of Newport, reported consolidated results for the first six months of 1993 showing net income of $909,941, an increase of 36.5 percent over earnings of $666,773 for the same period last year.
 The increase resulted in primary earnings of $1.05 per share, up 26 cents per share, an increase of 32.9 percent over the same period in 1992.
 Total assets grew to $137.5 million as of June 30, 1993, a 15.6-percent increase from June 30, 1992. Total deposits also grew by 9.4 percent to $116.6 million; total loans increased by 26.1 percent to $91.1 million.
 "These dramatic increases are the result of careful execution of our strategic plan, which emphasizes combining traditional banking services with non-interest related services," said Victor L. Bartruff, president and chief executive officer. "The results reflect a positive response to our service oriented philosophy, which was designed to identify and meet the needs of the communities we serve."
 "We are very pleased with the significant progress we have made, but we feel we are just starting to show our potential. We expect continuing improvements in our financial performance in the future."
 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, Ore., and a business banking office in Lake Oswego, Ore.
 WEST COAST BANCORP
 Six months ending June 30 1993 1992
 Revenue $6,626,554 $5,967,500
 Net income 909,941 666,773
 Earnings per share - primary 1.05 0.79
 Earnings per share - fully diluted 1.05 0.71
 Three months ending June 30 1993 1992
 Revenue $3,394,489 $2,942,003
 Net income 440,244 343,144
 Earnings per share - primary 0.50 0.40
 Earnings per share - fully diluted 0.50 0.36
 -0- 7/14/93
 /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-SB -- SE006 -- 1674 07/14/93 19:38 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
Words:369
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