TACOMA, Wash. and PORTLAND, Ore., July 18 /PRNewswire-FirstCall/ --
Columbia Banking System, Inc. (Nasdaq: COLB) "Columbia," and Town Center
Bancorp (OTC Bulletin Board: TWBC) "Town Center," announced that Town
Center shareholders overwhelmingly approved their merger with Columbia at a
special shareholders meeting on July 17, 2007. The transaction has received
final regulatory approval and is expected to close on July 23, 2007. Upon
closing, Town Center Bank, the banking subsidiary of Town Center Bancorp,
will be merged into Columbia State Bank, a subsidiary of Columbia Banking
System.
Melanie Dressel, President and Chief Executive Officer of Columbia
Banking System said, "We are very pleased that Town Center 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 are delighted with the overwhelming support we received from our
shareholders," said Bruce Bryant, President and Chief Executive Officer of
Town Center Bancorp. "Joining the Columbia team will bring tremendous
resources to our organization, and is a significantly positive event for
our shareholders, employees and customers."
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 36 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 Town Center Bancorp
Town Center Bank is the primary operating subsidiary of Town Center
Bancorp, a community-owned financial services holding company. The Bank was
established in 1997 and the holding company was formed in April 2002. Town
Center Bancorp operates with a local Board of Directors and the Bank is a
member of the Federal Deposit Insurance Corporation. Headquartered at 82nd
& King Road in Portland, Town Center Bank primarily serves individuals,
professionals and small business clients throughout the Portland
Metropolitan and North Clackamas County areas. The Bank operates five
branch offices in the North Clackamas and Northeast Portland area and a
mortgage loan office, Town Center Mortgage, in Northeast Portland.
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.
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
Bruce Bryant, President and Chief Executive Officer
Town Center Bancorp
(503) 772-1620
SOURCE Columbia Banking System, Inc.
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Related links:
http://www.columbiabank.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 Bruce
Bryant, President and Chief Executive Officer of Town Center
Bancorp, +1-503-772-1620
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