Albina Community Bank Signs Stock Purchase Agreement with
One PacificCoast Bancorp
Portland, Ore. (January 30, 2013) – Albina Community Bank announced today that it has entered into an investment agreement with One PacificCoast Bancorp, Inc. (OPCB). The agreement, which involves a stock purchase by OPCB, will make them the majority owner of the bank. The transaction is structured to raise sufficient capital to bring Albina’s regulatory capital ratios to the level required by its regulators.
One PacificCoast Bancorp is headquartered in Oakland, California, and its subsidiary, One PacificCoast Bank is certified as a Community Development Financial Institution just like Albina. They are a mission-driven bank with a similar commitment to local community banking, and are dedicated to producing social justice, environmental wellbeing and ensuring financial sustainability. “OPCB’s similar mission and focus make this a perfect partnership,” stated Cheryl L. Cebula, President and CEO of Albina.
Since 2009, Albina has struggled with low capital levels as a result of the economic downturn. The bank has been working to improve its financial condition, and this recapitalization will further strengthen the bank and better position it for future growth and continued support and investment in its local communities. “Supporting our local communities is nothing new for our bank. Community is our middle name,” said Cebula. “We have been investing in individuals, families, businesses and local neighborhoods every day for the last 17 years, and this investment will ensure we can continue to do that in the future.”
“We are pleased to enable the recapitalization of Albina Community Bank because it means their mission and community focus will live on,” stated Kat Taylor, Co-Founder and CEO of One PacificCoast Bancorp. “Albina Community Bank represents a strong partner for OPCB with a similar mission and commitment to the communities it serves.”
One PacificCoast Bancorp intends to operate Albina as a separate, independent financial institution. Existing management and staff will remain in place following the investment, and customers of Albina should not expect to see any changes to their banking relationship. The investment transaction, subject to regulatory approval, is expected to close in the second quarter.
TY for the info 56Chevy
