TACOMA, Wash. and ENUMCLAW, Wash., June 26 /PRNewswire-FirstCall/ --
Columbia Banking System, Inc. (Nasdaq: COLB), "Columbia", and Mountain Bank
Holding Company (OTC Bulletin Board: MNBH), "Mountain Bank," announced that
Mountain Bank shareholders have overwhelmingly approved their merger with
Columbia. The proposed merger was first approved in March, 2007, with
unanimous approval of the boards of both Columbia and Mountain Bank. The
transaction is subject to regulatory approvals and other customary
conditions of closing, which is anticipated to take place in July, 2007.
Upon closing, Mt. Rainier National Bank will be merged into Columbia Bank
and will do business as Mt. Rainier Bank.
Melanie Dressel, President and Chief Executive Officer of Columbia
Banking System said, "We are very pleased that Mountain Bank shareholders
agree that the combination will provide long-term value to shareholders,
customers, employees and our communities. We believe this will be a
rewarding transaction for our combined shareholder base."
"We received overwhelming support from our shareholders, and are
delighted with their enthusiasm," said Roy T. Brooks, Chairman and Chief
Executive Officer of Mountain Bank Holding Company. "We are looking forward
to a great future with Columbia."
About Columbia Banking System
Columbia Banking System, Inc. (Columbia) is a Tacoma-based bank holding
company with $2.6 billion in assets. Its wholly owned banking subsidiaries
are Columbia Bank and Bank of Astoria. Columbia Bank is a Washington
state-chartered full-service commercial bank with 35 banking offices in
Pierce, King, Cowlitz, Kitsap and Thurston counties. Bank of Astoria, a
federally insured commercial bank headquartered in Astoria, Oregon,
operates four branches in Clatsop County: Astoria, Warrenton, Seaside and
Cannon Beach; and one branch in Manzanita in Tillamook County. More
information about Columbia can be found on its website at
http://www.columbiabank.com.
About Mountain Bank Holding Company
Mountain Bank Holding Company is a Washington corporation formed in
1993 primarily to hold all of the Common Stock of Mt. Rainier National
Bank, a National Banking Association. Mt. Rainier Bank provides personal
and commercial banking and related financial services at its main office
located in Enumclaw, Washington, and from six branch offices located in
Buckley, Black Diamond, Auburn, Maple Valley, Sumner, and Federal Way,
Washington. More information can be found at our web site
http://www.mrnbank.com.
Columbia Note Regarding Forward-Looking Statements: This news release
includes forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which can be identified by words
such as "may," "expected," "anticipate," "continue," or other comparable
words. In addition, all statements other than statements of historical
facts that address activities that Columbia expects or anticipates will or
may occur in the future are forward-looking statements. Readers are
encouraged to read the reports of Columbia, filed with the Securities and
Exchange Commission (the "SEC") particularly its Form 10-K for the fiscal
year ended December 31, 2006, for a discussion of risks, uncertainties and
other factors that may cause actual results to differ materially from those
contemplated by the forward-looking statements.
Mountain Bank Note Regarding Forward-Looking Statements: In addition to
historical information, this news release contains certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995 (PSLRA). This statement is included for the express purpose of
availing the Company of the protections of the safe harbor provisions of
the PSLRA. The forward-looking statements contained in this news release
are subject to factors, risks, and uncertainties that may cause actual
results to differ materially from those projected. Important factors that
might cause such a material difference include, but are not limited to,
those discussed in this section of the news release. In addition, the
following items are among the factors that could cause actual results to
differ materially from the forward looking statements in this news release:
general economic conditions, including their impact on capital
expenditures; business conditions in the banking industry; the regulatory
environment; new legislation; vendor quality and efficiency; employee
retention factors; rapidly changing technology and evolving banking
industry standards; competitive factors, including increased competition
with community, regional, and national financial institutions; fluctuating
interest rate environments; and similar matters. Readers are cautioned not
to place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date of the statement. Mountain Bank
Holding Company undertakes no obligation to publicly revise or update these
forward-looking statements to reflect events or circumstances that arise
after the date of this news release. Readers should carefully review the
risk factors described in this and other documents we file from time to
time with the SEC.
Contacts: Melanie J. Dressel, President and Chief Executive Officer
Columbia Banking System, Inc.
(253) 305-1911
Gary R. Schminkey, Executive Vice President
and Chief Financial Officer
Columbia Banking System, Inc.
(253) 305-1966
Roy T. Brooks, Chairman and Chief Executive Officer
Mountain Bank Holding Company
(360) 802 6308
Steve W. Moergeli, President
Mt. Rainier National Bank
360-802-6302
SOURCE Columbia Banking System, Inc.
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Related links:
http://www.columbiabank.com
http://www.mrnbank.com
CONTACT:
Melanie J. Dressel, President and Chief
Executive Officer, +1-253-305-1911, or Gary R. Schminkey,
Executive Vice President and Chief Financial Officer,
+1-253-305-1966, both of Columbia Banking System, Inc.; or Roy T.
Brooks, Chairman and Chief Executive Officer of Mountain Bank
Holding Company, +1-360-802-6308; or Steve W. Moergeli, President
of Mt. Rainier National Bank, +1-360-802-6302
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