West Coast Bank Receives The Federal Home Loan Bank of Seattle's Community Spirit Award

LAKE OSWEGO, Ore., Dec. 12, 2011 /PRNewswire/ -- The Federal Home Loan Bank of Seattle (Seattle Bank) has named West Coast Bancorp (NASDAQ: WCBO) as the recipient of the 2011 Community Spirit Award. The award recognizes a member of the Seattle Bank cooperative that exemplifies the spirit of community partnership in creating affordable housing and economic development opportunities in their communities.

West Coast Bank received the award based on its use of the Seattle Bank's affordable housing and community investment programs. Through its membership in the Seattle Bank, West Coast Bank has provided more than $24 million in grants and reduced-rate loans to create 380 units of affordable housing, to stimulate job growth, and to improve the communities it serves across Oregon and Southern Washington.

West Coast Bank President & CEO Robert D. Sznewajs said, "As a community bank, our people take great pride in actively participating in the needs of our communities. The investments in our communities can be accomplished in many ways—from a new fire station to affordable housing. This award is a direct reflection on the efforts of our people who live and work in their communities in conjunction with the support of the Federal Home Loan Bank of Seattle. We are honored to receive this award."

The Seattle Bank is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. The Seattle Bank's funding and financial services enable approximately 360 member institutions to provide their customers with greater access to mortgages, commercial loans, and funding for affordable housing and economic development. The Seattle Bank serves eight states, American Samoa, Guam, and the Northern Mariana.

West Coast Bancorp is a publicly held, Northwest bank holding company headquartered in Oregon with $2.5 billion in assets, and the parent company of West Coast Bank and West Coast Trust Company, Inc.  West Coast Bank operates 62 branches in Oregon and Washington. The Company serves clients who seek the resources, sophisticated products and expertise of larger financial institutions, along with the local decision-making, market knowledge, and customer service orientation of a community bank. The Company offers a broad range of banking, investment, fiduciary and trust services. For more information, please visit the Company web site at www.wcb.com.

SOURCE West Coast Bancorp