Bank Holding Company Reports Loss: West Coast...

Bank Holding Company Reports Loss: West Coast Bancorp, a multibank holding company that owns Sunwest Bank of Tustin, posted a third-quarter loss of $904,000, negating its profits for the year and leaving it $197,000 in the red for the first nine months. The loss was a result of a decision by the company to add $3.6 million to its reserves against the possibility of loan losses in the future, said John B. Joseph, chairman and chief executive. Last year, West Coast reported earnings of $761,000 for the third quarter and earnings of $1.4 million for the nine months. It had $474.2 million in assets at the end of September, contrasted with $468.5 million a year earlier. Much of the third quarter was related to loans made by West Coast Realty Finance, a mortgage lender that ceased operations in April, when the market for home loans dried up.