Earnings Call Excerpt
West Coast Bancorp (WCBO)
Q3 2009 Earnings Call
October 26, 2009 2:00 pm ET
Executives
Bob Sznewajs – President and CEO
Dick Rasmussen – EVP, General Counsel and Secretary
Anders Giltvedt – EVP and CFO
Hadley Robbins – EVP and Chief Credit Officer
Analysts
Jeff Rulis – D.A. Davidson & Co.
Matthew Clark - KBW
[Ross Hepperman] – Unidentified Company
Presentation
Operator
Welcome everyone to the West Coast Bancorp quarter three conference call. (Operator instructions) Bob, you may begin your conference.
Bob Sznewajs
Thank you. The first thing I would like to do is to introduce the people who are here today on the call and then Mr. Rasmussen, our General Counsel, will read the introductory remarks. I am Bob Sznewajs, President and Chief Executive Officer of West Coast Bank. Also on the call is Anders Giltvedt, Chief Financial Officer; Hadley Robbins, our Chief Credit Officer and let me introduce Dick Rasmussen, our General Counsel.
Dick Rasmussen
Thank you, Bob. In today's call, we will make statements regarding future events, performance or results that are forward-looking statements. Our actual results could be quite different from those expressed or implied by our forward-looking statements. Please do not place undue reliance on forward-looking statements. They are not guarantees. They speak only as of the date they are made and we do not undertake any obligation to update them.
For some factors that may cause our results to differ from our expectations please refer to our SEC filings including our most recent form 10-K as updated in our most recent quarterly report on form 10-Q. In particular, we direct you to the discussion in our 10-K of certain risk factors affecting our business.
Bob, back to you.
Bob Sznewajs
Thank you very much. Good morning or afternoon depending upon where you are today. We certainly appreciate all of you joining us on the call. If you had a chance to look at the press release you know we had some very exciting information to share with you today. There are three major topics associated with the press release. First was the increase in the rate in the capital that was discussed. Second, the bank entered into a regulatory agreement. Third, would be third quarter operating results.
I am going to talk briefly about the reasons, the why and etc. associated with the capital because this is a very terrific moment for the company from my perspective. As you know, over the last several years we have worked very hard to focus on two objectives of preserving capital and enhancing liquidity. This capital raise will certainly give us the ability now to begin to make loans, which is very important and will allow us to generate revenue which will allow us to return to profitability sooner. So the capital event is a very significant thing to happen to us at this point in time.
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