West Coast Bancorp raised capital of $155 million in an offering of two separate issues of Convertible Preferred Stock to institutional investors, including MFP Partners, L.P., Castle Creek Capital, and GF Financial, LLC.
West Coast Bancorp issued 1.43 million shares of Series A Mandatorily Convertible Participating Preferred Stock and 0.12 million shares of Series B Convertible Participating Preferred Stock.
The Series A stock is convertible into 71.4 million shares of West Coast Bancorp at a price of $2.00 per share. The Series B stock is convertible into 6.1 million shares of West Coast Bancorp also at a price of $2.00 per share. The investors who purchased the newly issued preferred stock are also entitled to two seats on the board of directors.
West Coast Bancorp is a bank holding company that owns West Coast Bank. West Coast Bank has 65 branches located in Oregon and Washington, with total assets of $2.7 billion.