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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 10-K
[X]\ue000 Annual\ue000 Report\ue000 Pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of

the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
Commission\ue000 file\ue000 number\ue000 0-10997

WEST\ue000 COAST\ue000 BANCORP
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
Oregon
93-0810577
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of\ue000
(I.R.S.\ue000 Employer
incorporation\ue000 or\ue000 organization)
Identification\ue000 No.)
\ue000
5335\ue000 Meadows\ue000 Road\ue000 \u2013\ue000 Suite\ue000 201
97035
Lake\ue000 Oswego,\ue000 Oregon
(Zip\ue000 Code)
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 (503)\ue000 684-0884
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:\ue000 Common\ue000 Stock,\ue000 No\ue000 Par\ue000 Value
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000(Title\ue000 of\ue000 Class)
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000 None
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well\ue000 known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000 Yes\ue000 [\ue000 \ue000 \ue000 ]\ue000 No\ue000 [X]
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Exchange\ue000 Act.\ue000 Yes\ue000 [\ue000 \ue000 \ue000 ]\ue000 No
[X]

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant:\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000 Yes\ue000 [X]\ue000 No\ue000 [\ue000 \ue000 \ue000 ]

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 [\ue000 \ue000 \ue000 ]

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 See\ue000 definition\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act (check\ue000 one):

[\ue000 \ue000 \ue000 ]\ue000 Large\ue000 Accelerated\ue000 Filer\ue000
[X]\ue000 Accelerated\ue000 Filer\ue000
[\ue000 \ue000 \ue000 ]\ue000 Non-accelerated\ue000 Filer\ue000
[\ue000 \ue000 \ue000 ]\ue000 Smaller\ue000 Reporting\ue000 Company\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000 Yes\ue000 [\ue000 \ue000 \ue000 ]\ue000 No\ue000 [X]
The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 registrant\u2019s\ue000 Common\ue000 Stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 on\ue000 June\ue000 30,\ue000 2008,\ue000 was\ue000 approximately
$136,138,000.
The\ue000 number\ue000 of\ue000 shares\ue000 of\ue000 registrant\u2019s\ue000 Common\ue000 Stock\ue000 outstanding\ue000 on\ue000 January\ue000 31,\ue000 2009,\ue000 was\ue000 15,694,646.
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
Portions\ue000 of\ue000 the\ue000 West\ue000 Coast\ue000 Bancorp\ue000 Definitive\ue000 Proxy\ue000 Statement\ue000 for\ue000 the\ue000 2008\ue000 annual\ue000 meeting\ue000 of\ue000 shareholders\ue000 are\ue000 incorporated\ue000 by\ue000 reference\ue000 into
Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-K.
Processed and formatted by SEC Watch - Visit SECWatch.com
Table\ue000 of\ue000 Contents
PART\ue000 I\ue000\ue000\ue000\ue000\ue000
\ue000\ue000\ue000\ue000PAGE
Forward\ue000 Looking\ue000 Statement\ue000 Disclosure
2
Item\ue000 1.
Business
3
Item\ue000 1A.
Risk\ue000 Factors
9
Item\ue000 1B.\ue000 Unresolved\ue000 Staff\ue000 Comments
13
Item\ue000 2.
Properties
13
Item\ue000 3.
Legal\ue000 Proceedings
13
Item\ue000 4.
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
13
PART\ue000 II
Item\ue000 5.
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters
and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities
14
Item\ue000 6.
Selected\ue000 Financial\ue000 Data
16
Item\ue000 7.
Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial
Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
18
Item\ue000 7A.
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 about\ue000 Market\ue000 Risk
57
Item\ue000 8.
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
59
Item\ue000 9.
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on
\ue000
Accounting\ue000 and\ue000 Financial\ue000 Disclosure
97
Item\ue000 9A.
Controls\ue000 and\ue000 Procedures
97
Item\ue000 9B.
Other\ue000 Information
99
PART\ue000III
Item\ue000 10.
Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
100
Item\ue000 11.
Executive\ue000 Compensation
100
Item\ue000 12.
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
\ue000
101
Item\ue000 13.
Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
101
Item\ue000 14.
Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
101
PART\ue000 IV
Item\ue000 15.
Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
102
Signatures
103
Index\ue000 to\ue000 Exhibits
104
i
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Forward\ue000 Looking\ue000 Statement\ue000 Disclosure
\ue000\ue000\ue000\ue000\ue000Statements\ue000 in\ue000 this\ue000 Annual\ue000 Report\ue000 of\ue000 West\ue000 Coast\ue000 Bancorp\ue000 (\u201cBancorp\u201d\ue000 or\ue000 the\ue000 \u201cCompany\u201d)\ue000 regarding\ue000 future\ue000 events\ue000 or\ue000 performance\ue000 are

\u201cforward-looking\ue000 statements\u201d\ue000 within\ue000 the\ue000 meaning\ue000 of\ue000 the\ue000 Private\ue000 Securities\ue000 Litigation\ue000 Reform\ue000 Act\ue000 of\ue000 1995\ue000 (the\ue000 \u201cPSLRA\u201d)\ue000 and\ue000 are\ue000 made\ue000 pursuant to\ue000 the\ue000 safe\ue000 harbors\ue000 of\ue000 the\ue000 PSLRA.\ue000 The\ue000 Company\u2019s\ue000 actual\ue000 results\ue000 could\ue000 be\ue000 quite\ue000 different\ue000 from\ue000 those\ue000 expressed\ue000 or\ue000 implied\ue000 by\ue000 the\ue000 forward- looking\ue000 statements.\ue000 Any\ue000 statements\ue000 containing\ue000 the\ue000 words\ue000\u201ccould,\u201d\ue000 \u201cmay,\u201d\ue000 \u201cshould,\u201d\ue000 \u201cplan,\u201d\ue000 \u201cbelieves,\u201d\ue000 \u201canticipates,\u201d\ue000 \u201cestimates,\u201d \u201cpredicts,\u201d\ue000 \u201cexpects,\u201d\ue000 \u201cprojects,\u201d\ue000 \u201cpotential,\u201d\ue000 \u201ccontinue,\u201d\ue000 or\ue000 words\ue000 of\ue000 similar\ue000 import,\ue000 constitute\ue000 \u201cforward-looking\ue000 statements,\u201d\ue000 as\ue000 do\ue000 any\ue000 other statements\ue000 that\ue000 expressly\ue000 or\ue000 implicitly\ue000 predict\ue000 future\ue000 events,\ue000 results,\ue000 or\ue000 performance.\ue000 Factors\ue000 that\ue000 could\ue000 cause\ue000 results\ue000 to\ue000 differ\ue000 from\ue000 results expressed\ue000 or\ue000 implied\ue000 by\ue000 our\ue000 forward-looking\ue000 statements\ue000 include,\ue000 among\ue000 others,\ue000 risks\ue000 discussed\ue000 in\ue000 the\ue000 text\ue000 of\ue000 this\ue000 Annual\ue000 Report\ue000 as\ue000 well\ue000 as\ue000 the following\ue000 specific\ue000 factors:

General\ue000 economic\ue000 conditions,\ue000 whether\ue000 national\ue000 or\ue000 regional,\ue000 and\ue000 conditions\ue000 in\ue000 the\ue000 real\ue000 estate\ue000 markets\ue000 that\ue000 could\ue000 affect\ue000 the\ue000 demand\ue000 for\ue000 our loan\ue000 and\ue000 other\ue000 products\ue000 and\ue000 ability\ue000 of\ue000 borrowers\ue000 to\ue000 repay\ue000 loans,\ue000 lead\ue000 to\ue000 further\ue000 declines\ue000 in\ue000 credit\ue000 quality\ue000 and\ue000 increased\ue000 loan\ue000 losses,\ue000 and continue\ue000 to\ue000 negatively\ue000 affect\ue000 the\ue000 value\ue000 and\ue000 salability\ue000 of\ue000 the\ue000 real\ue000 estate\ue000 that\ue000 is\ue000 the\ue000 collateral\ue000 for\ue000 many\ue000 of\ue000 our\ue000 loans\ue000 or\ue000 that\ue000 we\ue000 own\ue000 directly; \ue000

Changing\ue000 business,\ue000 banking,\ue000 or\ue000 regulatory\ue000 conditions\ue000 or\ue000 policies,\ue000 or\ue000 new\ue000 legislation,\ue000 affecting\ue000 the\ue000 financial\ue000 services\ue000 industry,\ue000 including the\ue000 Emergency\ue000 Economic\ue000 Stabilization\ue000 Act\ue000 of\ue000 2008\ue000 and\ue000 related\ue000 programs\ue000 such\ue000 as\ue000 the\ue000 U.S.\ue000 government\u2019s\ue000 Troubled\ue000 Assets\ue000 Relief\ue000 Program and\ue000 any\ue000 new\ue000 legislation\ue000 adopted\ue000 by\ue000 Congress\ue000 and\ue000 the\ue000 administration\ue000 of\ue000 President\ue000 Barack\ue000 Obama,\ue000 that\ue000 could\ue000 lead\ue000 to\ue000 changes\ue000 in\ue000 the competitive\ue000 balance\ue000 among\ue000 financial\ue000 institutions,\ue000 restrictions\ue000 on\ue000 bank\ue000 activities,\ue000 changes\ue000 in\ue000 costs,\ue000 including\ue000 deposit\ue000 insurance premiums,\ue000 for\ue000 particular\ue000 financial\ue000 institutions\ue000 or\ue000 financial\ue000 institutions\ue000 generally,\ue000 declines\ue000 in\ue000 consumer\ue000 confidence\ue000 in\ue000 depository institutions\ue000 generally\ue000 or\ue000 certain\ue000 financial\ue000 institutions\ue000 in\ue000 particular\ue000 or\ue000 changes\ue000 in\ue000 the\ue000 secondary\ue000 market\ue000 for\ue000 bank\ue000 loan\ue000 and\ue000 other\ue000 products; \ue000

Competitive\ue000 factors,\ue000 including\ue000 competition\ue000 with\ue000 community,\ue000 regional\ue000 and\ue000 national\ue000 financial\ue000 institutions,\ue000 that\ue000 may\ue000 lead\ue000 to\ue000 pricing pressures\ue000 that\ue000 reduce\ue000 yields\ue000 Bancorp\ue000 achieves\ue000 on\ue000 loans\ue000 and\ue000 increase\ue000 rates\ue000 Bancorp\ue000 pays\ue000 on\ue000 deposits,\ue000 loss\ue000 of\ue000 Bancorp\u2019s\ue000 most\ue000 valued customers,\ue000 defection\ue000 of\ue000 key\ue000 employees\ue000 or\ue000 groups\ue000 of\ue000 employees,\ue000 or\ue000 other\ue000 losses;

\ue000

Increasing\ue000 or\ue000 decreasing\ue000 interest\ue000 rate\ue000 environments,\ue000 including\ue000 the\ue000 slope\ue000 and\ue000 level\ue000 of,\ue000 as\ue000 well\ue000 as\ue000 changes\ue000 in,\ue000 the\ue000 yield\ue000 curve,\ue000 that\ue000 could lead\ue000 to\ue000 decreases\ue000 in\ue000 net\ue000 interest\ue000 margin,\ue000 lower\ue000 net\ue000 interest\ue000 and\ue000 fee\ue000 income,\ue000 including\ue000 lower\ue000 gains\ue000 on\ue000 sales\ue000 of\ue000 loans,\ue000 and\ue000 changes\ue000 in\ue000 the value\ue000 of\ue000 Bancorp\u2019s\ue000 investment\ue000 securities;\ue000 and

\ue000
Changes\ue000 or\ue000 failures\ue000 in\ue000 technology\ue000 or\ue000 third\ue000 party\ue000 vendor\ue000 relationships\ue000 in\ue000 important\ue000 revenue\ue000 production\ue000 or\ue000 service\ue000 areas\ue000 or\ue000 increases\ue000 in
required\ue000 investments\ue000 in\ue000 technology\ue000 that\ue000 could\ue000 reduce\ue000 our\ue000 revenues,\ue000 increase\ue000 our\ue000 costs,\ue000 or\ue000 lead\ue000 to\ue000 disruptions\ue000 in\ue000 our\ue000 business.
\ue000\ue000\ue000\ue000\ue000Furthermore,\ue000 forward-looking\ue000 statements\ue000 are\ue000 subject\ue000 to\ue000 risks\ue000 and\ue000 uncertainties\ue000 related\ue000 to\ue000 the\ue000 Company\u2019s\ue000 ability\ue000 to,\ue000 among\ue000 other\ue000 things,

attract\ue000 and\ue000 retain\ue000 key\ue000 personnel;\ue000 close\ue000 loans\ue000 in\ue000 the\ue000 pipeline;\ue000 generate\ue000 loan\ue000 and\ue000 deposit\ue000 balances\ue000 at\ue000 projected\ue000 spreads;\ue000 sustain\ue000 fee\ue000 generation including\ue000 gains\ue000 on\ue000 sales\ue000 of\ue000 loans;\ue000 maintain\ue000 asset\ue000 quality\ue000 and\ue000 control\ue000 risk;\ue000 limit\ue000 the\ue000 amount\ue000 of\ue000 net\ue000 loan\ue000 charge-offs;\ue000 successfully\ue000 dispose\ue000 of properties\ue000 or\ue000 other\ue000 assets\ue000 obtained\ue000 through\ue000 foreclosures,\ue000 adapt\ue000 to\ue000 changing\ue000 customer\ue000 deposit,\ue000 investment\ue000 and\ue000 borrowing\ue000 behaviors;\ue000 control expense\ue000 growth;\ue000 and\ue000 monitor\ue000 and\ue000 manage\ue000 the\ue000 Company\u2019s\ue000 financial\ue000 reporting,\ue000 operating\ue000 and\ue000 disclosure\ue000 control\ue000 environments.

\ue000\ue000\ue000\ue000\ue000Readers\ue000 are\ue000 cautioned\ue000 not\ue000 to\ue000 place\ue000 undue\ue000 reliance\ue000 on\ue000 our\ue000 forward-looking\ue000 statements,\ue000 which\ue000 reflect\ue000 management\u2019s\ue000 analysis\ue000 and
assumptions\ue000 only\ue000 as\ue000 of\ue000 the\ue000 date\ue000 of\ue000 the\ue000 statements.\ue000 Bancorp\ue000 does\ue000 not\ue000 intend\ue000 to\ue000 publicly\ue000 revise\ue000 or\ue000 update\ue000 forward-looking\ue000 statements\ue000 to\ue000 reflect
events\ue000 or\ue000 circumstances\ue000 that\ue000 arise\ue000 after\ue000 the\ue000 date\ue000 of\ue000 this\ue000 report.
\ue000\ue000\ue000\ue000\ue000Readers\ue000 should\ue000 carefully\ue000 review\ue000 all\ue000 disclosures\ue000 we\ue000 file\ue000 from\ue000 time\ue000 to\ue000 time\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission\ue000 (\u201cSEC\u201d).
2
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