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George Noorey
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George Noorey
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Another bank is pulling out of Bend. Officials at West Coast Bank say they are closing both of their branches here in Bend. The closures will occur in early December and will eliminate 8 or 9 local positions. The bank has had some problems complying with federal and state regulations regarding on-hand cash levels. The FDIC issued a “Cease and Desist Order” in October of 2009 alleging the bank had conducted unsafe and unsound banking practices, by failing to maintain sufficient liquidity and capital to cover poor quality loans. West Coast Bank raised the required capital and met other requirements, allowing the FDIC to terminate the order. The Bend closures are expected to allow the bank to maintain a better cash position.

 

 

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