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West Coast Bancorp in Lake Oswego, Ore., reported a profit of $4.6 million in the second quarter, a vast improvement over the same period last year, but a bit of a letdown when compared with this year's first quarter.
July 29
Looking to trim its overhead, West Coast Bancorp in Lake Oswego, Ore., is planning to close three of its roughly 62 full-service branches by the end of November.
The $2.5 billion-asset company said in a Securities and Exchange Commission filing last week that it intends to shutter its branches Toledo and Charbonneau, Ore., as well as one of its four branches in Vancouver, Wash., as part of its ongoing effort to reduce expenses.
West Coast said that closing the branches would cost it between $600,000 and $900,000 in the second half of 2011, but would result in annual savings of $1.6 million and $2 million starting in 2012.
