The Federal Reserve announced enforcement actions against Canyon Bancorp (CYBA) of Palm Springs, Calif., and West Coast Bancorp (WCBO) of Lake Oswego, Ore.

Neither bank may pay any dividends and interest nor accept any payments that would reduce its capital without the Federal Reserve Bank of San Francisco's prior approval. In addition, Canyon Bancorp and West Coast Bancorp may not increase their debt or purchase or redeem stock without the reserve bank's permission.

West Coast Bancorp, within 60 days, must submit a plan to the Fed detailing how it will maintain enough capital, including when and how it will raise additional funds to meet its minimum capital requirements.

The agreements will remain in force indefinitely.

-By Jessica Holzer, Dow Jones Newswires; 202-862-9228; jessica.holzer@dowjones.com
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