FDIC lifts order against ShoreBank
By Matthew Kish
ShoreBank is now One PacificCoast Bank.
ShoreBank is no longer under an order from federal regulators to improve its operating performance.
The Federal Deposit Insurance Corp. lifted its consent order against the bank in November. The decision was made public Friday in the FDIC's monthly list of enforcement actions.
The news is yet another sign that the health of regional and local banks is improving. Nine of Oregon's 29 banks remain under orders from state or federal regulators, but the health of most banks has improved.
Formerly Ilwaco, Wash.-based ShoreBank was acquired by Oakland, Calif.-based OneCalifornia Bank in January. OneCalifornia Bank has since changed its name to One PacificCoast Bank
ShoreBank's largest office, which remains operational, is a Portland lending office.
Similar to ShoreBank, One PacificCoast Bank is a certified community development financial institution, meaning it receives money from the U.S. Treasury for targeted community development initiatives.
ShoreBank also specialized in sustainable lending.
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