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West Coast Bancorp of Lake Oswego, Ore., one of many struggling institutions in the Pacific Northwest, said Monday it managed to raise all the capital it needed to satisfy regulators — and then some.
October 26
West Coast Bancorp Inc. in Lake Oswego, Ore., has added a director to its board with ties to a investment firm that participated in the company's 2009 private placement.
The $2.5 billion-asset company said in a regulatory filing Friday that Henchy Enden, an employee of MFP Investors LLC, is set to join the board once she is approved by its regulators.
An affiliate of MFP obtained the right to designate an observer to the board as part of the October 2009 private placement. Enden has served as that observer for more than two years, and she will remain in that role until regulators approve her appointment to West Coast's board. The company said it expects Enden to serve on committees that oversee compensation, audit and compliance.
West Coast's private placement raised $155 million. Investors included MFP, a family investment partnership managed by Michael F. Price, Castle Creek Capital and GF Financial LLC.
