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WEST COAST BANCORP: REINMUTH WITHDRAWS FROM ST. LAURENT RESOLUTION

 NEWPORT, Ore., July 1 /PRNewswire/ -- In a letter dated June 30 to Georges C. St. Laurent Jr., controlling shareholder of Western Bank (NASDAQ: WSBK) of Coos Bay, James E. Reinmuth has asked St. Laurent to withdraw his name from St. Laurent's resolution calling for removal of all directors of West Coast Bancorp (OTC Pink Sheets) except Reinmuth, according to West Coast Bancorp.
 St. Laurent wrote selected West Coast Bancorp shareholders June 18 telling them he and another shareholder, who together own 87,011 (10.03 percent) of the company's outstanding shares, "have called for a special meeting of shareholders to remove all members of the board of directors with the exception of Jim Reinmuth, the one director who has supported the Western proposal."
 St. Laurent also wrote that, if he prevailed at the special meeting of shareholders, "Shortly after that meeting, directors representing the shareholders' interests will be appointment by Mr. Reinmuth..."
 Western Bank April 8 made an uninvited merger proposal to West Coast Bancorp that April 30 was rejected as significantly inadequate by the company's board of directors, after careful consideration and on the advice of independent financial advisors.
 West Coast Bancorp directors said they did not believe Western Bank's proposed merger was in the best interests of the company, its employees, customers and the communities served by The Bank of Newport.
 The special meeting of shareholders to vote on St. Laurent's resolution to remove six of the company's seven directors because they oppose Western Bank's hostile takeover bid will be held in Newport Wednesday, Aug. 11.
 J.F. Ouderkirk, chairman of West Coast Bancorp, has urged shareholders to "vote against this self-serving resolution, which would have the effect of replacing an independent board of directors with a group of hand-picked nominees willing to sell the company to Georges C. St. Laurent Jr. -- at his price and on his terms."
 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- 7/1/93
 /CONTACT: Victor L. Bartruff, president, of The Bank of Newport, 503-265-6666/
 (WSBK)


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

SW-LH -- SE016 -- 7994 07/01/93 18:49 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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