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LAKE OSWEGO, OR-West Coast Bank last week ended litigation regarding a 425-acre tract of Lincoln County land by giving litigant B.A.S.S. Construction Co. an option to purchase the property by June 28, 2002.

The case arose out of an earlier dispute with Edward and Marianne Fischer. The Fischers loaned B.A.S.S. $4.6 million, and secured it with the aforementioned property.

B.A.S.S. defaulted on the loan, and the Fischers filed suit against WCB, alleging the bank failed to provide the take-out funding it promised B.A.S.S. WCB settled that suit, paying the Fischers $5.4 million for the right to collect the $4.6-million loan to B.A.S.S. and to foreclose on the Lincoln County property, which it estimates is worth $803,000.

WCB foreclosed on the Lincoln County Property pursuant to a sheriff’s sale at which the Bank purchased the property. WCB then filed a deficiency claim against B.A.S.S. for approximately $2.7 million plus interest and costs. B.A.S.S. filed counterclaims against WCB seeking damages in excess of $5 million. WCB filed a summary judgment motion to dismiss the counterclaims which was denied by the court, which prompted the settlement. Bancorp says it expects to incur no further loss in connection with this matter.

West Coast Bancorp is a Northwest community bank holding company, operating 42 offices in the western Oregon and Washington markets. West Coast Bancorp is the parent company of West Coast Bank and West Coast Trust.

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