A Case of Earning One's Keep in Portland
Within one mile, Portland's Bank of America, U.S. Bancorp, and Wells Fargo have branches holding $10.6 billion in deposits. If even a small fraction of Portlandians were to move their deposits from these corporate banks — (don't worry, they won't even notice) — next door to Capital Pacific Bank, this fine community bank would grow exponentially.
Meanwhile, if Portlandians were to trade in any U.S. Bancorp stock they may own — (expensively trading as high as 293% of tangible book value) — for CPBO stock (cheap at 101.3% of book value) — they could grow their own wealth exponentially right along with Capital Pacific. Wouldn't that be cool?
Disclosure: As of this posting, I own shares of CPBO and may subsequently either dispose of them or purchase more.
In my opinion, Capital Pacific Bank has earned the right to remain independent and to control its own destiny. That being said, I am sure CPBO is pretty darn attractive to these local competitors:
Pacific Continental, Eugene, OR (PCBK). Deposits in PCBK's two branches combined fall short of those held in CPBO's one branch by 50%.
Umpqua Holdings, Portland, OR (UMPQ). CPBO's one branch bank has more deposits than 21 of UMPQ's 22 Portland area branches!
Washington Federal, Seattle, WA (WAFD). CPBO has twice as many deposits in its one-branch bank as WAFD has in two.
(as of 12/31/2013)
Karen Whitman, Chairman
Mark C. Stevenson, President and CEO
Felice I. Belifiore, Executive VP and CFO
Capital Pacific Bank has PURPOSE
Bottom line? Portlandians can feel great about moving their deposits and investments over to CPBO.
Capital Pacific Bank has PERFORMED