June 28, 2010 (FinancialWire) — West Coast Bancorp (NASDAQ: WCBO) said it has launched a discretionary equity issuance program under which it will offer shares of its common stock from time to time for aggregate sale proceeds of up to $30 million. Sandler O'Neill + Partners, L.P. will act as the company's sales agent for the offering.

The program allows the company to take advantage of market opportunities to issue new shares of common stock at the company's discretion. Sales of the shares of common stock, if any, will be made by means of ordinary brokers' transactions on the NASDAQ Global Select Market at market prices prevailing at the time of the sale, at prices related to the prevailing market prices, or at negotiated prices.

The company said it also may sell shares of common stock to Sandler O'Neill, as principal for its own account, at a price agreed upon at the time of sale.

West Coast plans to use net proceeds of sales under the program for general corporate purposes, including supporting the capital of the company's banking subsidiary, West Coast Bank.

Oregon-based West Coast Bancorp is a Northwest bank holding company with $2.7 billion in assets, operating 65 locations in Oregon and Washington.

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