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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (April 8, 1992)
April 8, 1992...The Portland Observcr...Page 9 West One Bancorp to Acquire 38 Branches From Security Pacific Corp, in Washington and 3 Branches From BankAmerica Corp, in Oregon West One Bancorp, Security Pa cific Corp, and BankAmerica Corp to day jo in tly announced the signing o f a definitive agreement under which West One Bancorp w ill acquire 38 branches in Washington from Security Pacific Corp, and 3 branches in Oregon from BankAmerica Corp, that arc being d i vested in connection with the planned merger between BankAmerica and Se curity Pacific. As a related develop ment, KeyCorp announced today that its wholly-owned subsidiary, Key Bank o f Washington, w ill acquire 48 such Security Pacific branches in the Wash ington area. West One w ill assume deposit l i abilities o f approximately $1.3 billion and loans o f approximately $800 m il lion from Security Pacific. West One w ill acquire 38 branches, three busi ness banking centers, two private bank ing centers, an auto financing center and a specialty corporate banking cen ter located prim arily in the Puget Sound region. West One w ill also assume the deposit liabilities o f approximately $54 m illion o f three branches in Oregon from BankAmerica. The agreements are subject to sat isfaction o f certain conditions in c lu d ing approval o f applicable regulatory Two S mart R easons lb O pen A H ome E quity L ine O f C redit 8.99% Are. 2. No S et -U p FL es . I. authorities and are contingent on completion o f the merger between BankAmerica and Security Pacific. “ Washington and Oregon are mar kets that have long been top priorities for West One’ s grow th,” said Dan Nelson, chairman and chief executive officer o f West One Bancorp. “ We w ill be a major player in these markets. This opportunity is the vehicle to strengthen our position and become even more competitive in the Pacific Northwest. There is a demand for a regional bank that delivers financial services at competitive prices w ith a friendly, approachable style. We in tend to respond to that demand in this market.” Nelson is no stranger to the greater Northwest. He spent 22 years with Rainier Bank in Seattle where he held many senior management positions. He started five new ventures for the Company and in 1974 became presi dent and CEO o f Rainier Credit Corp. During his tenure, he also managed the Branch Banking D ivision and started the Private Banking Division. Nelson also said, “ There w ill some m inor consolidation where branches overlap, but overall we w ill need to add people.” West One Bancorp made its first appearance in Washington three and one half years ago when it acquired First Western Bank, a two-branch bank in Bellevue. Since then, one full-ser- vieeofficc was opened in Spokane; the Com m unity Bank o f Renton and First Security Bank o f Tacoma were ac quired in 1989, adding four branches, and Bank o f Tacoma was acquired in 1990, adding five branches. In Decem ber 1991 W cstOne acquired Washing ton Federal Savings Bank headquar tered in H illsboro, Oregon, adding 15 branches and $362 m illio n in assets. When the transactions are com plete, West One Bank, Washington w ill have 50 branches, about $1.6 b il lion in assets and over 500 employees. West One Bank, Oregon, w ill have 31 branches, assets o f $855 m illio n and o ve r 440 em ployees. W est One Bancorp w ill have more than 190 branches w ith over $7 b illio n in assets and w ill employ approximately 4,100 people in the Pacific Northwest. West One Bancorp is a 125 year old regional bank holding company headquartered in Boise, Idaho, which currently has $5.4 b illio n in assets and more than 155 offices in Idaho, O r egon, Utah and Washington. A. Philip Randolph Institute (Portland Chapter) Invites You To Celebrate W litTlici it's a iit’u IainiK imnm. an Explorer \LT. or a week in Cancún, your desires can be achiev'd with the helpol a low-rate, no-set-up-fee home equity line of credit.'With it, comes the comemence ol an ongoing axailahilily of funds. As well as some highly attractive tax advantages. Kind out moreCome into West One Bank today, or call 248-6688. Seising The lies/ Tor I2i> lears AtVA •CuiiMili volli u i v i i M m ii Curri ni M 'kiifH !««, ui'linrsfpim »A.lUllu »2-0«) bi»pr ralrsavallatile un lincsiiwr »25.00U Rau-smay vary u iil n , ii i v i n i imh \niiiial li - » .in n i fur fusi v a i i i l per ve,ir ihen afti-r Pmprrlv msuranre may lierequin-d McmberFDIC Black Leadership Conference The Black Leadership Conference released its list o f recommendations for the upcoming prim ary and general elec tion, endorsing Les A u C oin fo r U.S. Senator, E lizabeth Furse, Ron Wyden and M ik e K o petski for U.S. Represen tatives, V era K atz for M ayor o f Port land, P hil K e islin g for Secretary o f State, Ted K ulongoski for State A tto r ney General and Jim H ill for State Treasurer. The B LC also endorsed the réélec tion o f State Representative M a rg a re t C a rte r fo r Dist. 18, and the réélection o f M ik e L in d b e rg and D ick Bogle to the Portland C ity Council. George Richardson, endorsement chairm an fo r the B L C , said that A u C o in ’ s long-tim e comm itment to economic development in die m inority com m unity as a key factor in their endorsement. “ He has worked hard to bring key projects toourcom m unity-projccts that provide jobs, that provide housing, that provide our kids w ith alternatives to gangs.” Ron H erndon, B L C c o -ch a ir, agreed. “ The deciding factor for us was A u C oin ’s integrity and his ability to deliver fo r all Oregonians,” he ex plained. “ It’ s important thalLcs AuCoin be in the U.S. Senate.” Suite Rep. Katz, received the B L C ’s endorsement for Portland’ s mayor be cause o f her progressive approach to government. “ Although we feel both major can didates are highly qualified, we are impressed with Katz’s legislative record o f getting government to work better and smarter,” Richardson said. “ Vera is not afraid to shake up government to get results. We think she w ill provide strong leadership on those issues that affect the A frican American comm unity, in cluding economic development, public safety, employment, housing and edu cation.” M arg a ret C a rte r received the B L C ’ s endorsement lor Dist. 18 be cause o f “ her com m itm ent to develop ing the economy ad creating jo b oppor tunities in North/Northcast Portland,” A Phillip Randolph. America's forem ost Black labor leader, heads a picket line against South African apartheid Herndon said. The Black Leadership Conference isaeonimunity-based organization cre ated to identify and support national., state anil local candidates for public office that arc sensitive to issues that impact the African American commu nity. The B L C ’ s endorsement com m it tee interviewed thee candidates and examined their records and credentials to determine their positions on various issues. Other BLC endorsements include Ron Cease for STatc Senator, Dist., 10; Dan Saltzman lor Multnomah County Commissioner, Dist. 1; Tanya Collier for Multnomah County Commissioner, Dist. 2; and Michael Sehrunk for Multnomah County D istrict Attorney. No endorsements were made for State Senator, D istrict 8, based on the candidates’ platform or interview. No endorsements were made for M u lt nomah County Commissioner, Dist. 4, or Multnomah County D istrict Court Judge, Dept. 14, because thecandidates did not respond. Randolph's "103rd Birthday" Wine and Cheese Tasting Saturday, April 18,1992 7:30-11 PM Musicians Hall, 325 NE 20th \ ^7/ Live Music, Dancing Door Prizes A D V E R T IS E $10 Donation for info, call 235-9444 PORTLANDQBSERVER ' ' Ernie Warren Insurance Agency • * S >4® HI " ' ' ' ' The Eighth Oregon Black Political Convention "Today’s Leaders Preparing Leaders fo r Tomorrow" "A Full Service Agency Serving the Community For 20 Years" 130 N. K illin g .s u o r ili Street P ortland, O regon 9"’ 21"T-2-i99 P h o n e (5 0 3 )2 8 3 1976 l a x (5 0 3 )2 8 3 -1 9 7 9 2207 NE Broadway 284-6595 Howard Johnson Plaza-Hotel 14811 Kruse Oaks Blvd. • Lake Oswego, Oregon 97035
