West Coast Bancorp is trying to raise $4.4 million in a public stock offering.
The Newport, Ore.-based company is offering 600,000 shares of common stock at $8.25 apiece. The offering is being managed by Pacific Crest Securities.
Proceeds from the stock sale will be used to boost the company's equity capital to support future growth.
West Coast Bancorp's principal subsidiary is the Bank of Newport. It also operates a commercial mortgage brokerage business in Lake Oswego.
"This additional capital will enable West Coast Bancorp to maintain a strong equity position while providing the funds to expand our customer base and existing services," said Victor L. Bartruff, president and chief executive.
As a result of the company's stock sale, West Coast Bancorp's Tier 1 capital ratio, on a pro-forma basis, will increase to 14.23% upon completion of the stock offering, from 10.41% as of March 31.
In a related action, West Coast Bancorp's stock is now listed on Nasdaq.
