NEWPORT, Ore. - West Coast Bancorp reported that shareholders voted overwhelmingly against a proposal to remove six of the company's seven directors at an Aug. 11 special meeting, opposing a hostile takeover attempt by Western Bank
West Coast Bancorp said the proposal, calling for removal of all except one of the company's directors, was submitted by Georges C. St. Laurent Jr., controlling shareholder of Western Bank.
According to an independent inspector of elections, 65.27% of shareholders voting at the special meeting opposed Mr. St. Laurent's proposal, 34.56% voted in favor, and 0.17% abstained, West Coast said.
