TACOMA, Wash., July 23 /PRNewswire-FirstCall/ -- Columbia Banking
System, Inc. (Nasdaq: COLB) ("Columbia") today announced the completion of
its acquisitions of Mountain Bank Holding Company, the parent company of
Mt. Rainier National Bank, and Town Center Bancorp, the parent company of
Town Center Bank. Shareholders of both organizations overwhelmingly
approved the transactions, and all regulatory approvals have been received.
With the completion of the mergers, Columbia's total assets approach $3
billion, with 53 branches in nine counties in Washington and Oregon.
Melanie J. Dressel, President and Chief Executive Officer of Columbia
said, "We are delighted to welcome Mt. Rainier and Town Center customers,
employees and shareholders to the Columbia family. We are joining forces
with two well-run, profitable organizations that have strong cultural
similarities, talented management and employees, and the same dedication to
the best possible customer service. As we expand our geographic footprint
into adjacent markets, we are moving significantly closer to our goal of
becoming a Pacific Northwest regional community bank."
Effective today, Mt. Rainier National Bank has been merged into
Columbia State Bank, a subsidiary of Columbia Banking System, and will do
business as Mt. Rainier Bank. Mt. Rainier Bank has seven locations in
Washington, including Enumclaw, Buckley, Black Diamond, Auburn, Maple
Valley, Sumner, and Federal Way. Town Center Bank has been merged into
Columbia State Bank, adding five Oregon locations in the North Clackamas
and Northeast Portland area.
About Columbia
Columbia Banking System, Inc. is a 53-branch Tacoma-based bank holding
company whose wholly owned banking subsidiaries are Columbia Bank and Bank
of Astoria. Columbia Bank is a Washington state-chartered full-service
commercial bank; with completion of the mergers, Columbia Bank has 48
banking offices in Pierce, King, Cowlitz, Kitsap and Thurston counties in
Washington State, and Clackamas and Multnomah counties in Oregon. Included
in Columbia Bank are former branches of Mt. Rainier National Bank, doing
business as Mt. Rainier Bank, with 7 branches in King and Pierce 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.
Note Regarding Forward Looking Statements
This news release includes forward looking statements, which management
believes are a benefit to shareholders. These forward looking statements
describe Columbia's management's expectations regarding future events and
developments such as Columbia's continued growth. The words "goal," "will,"
"believe," "expect," "should," and "anticipate" and words of similar
construction are intended in part to help identify forward looking
statements. Future events are difficult to predict, and the expectations
described above are necessarily subject to risk and uncertainty that may
cause actual results to differ materially and adversely. In addition to
discussions about risks and uncertainties set forth from time to time in
Columbia's filings with the SEC, factors that may cause actual results to
differ materially from those contemplated by such forward looking
statements include, among others, the following possibilities: (1) local,
national and international economic conditions are less favorable than
expected or have a more direct and pronounced effect on Columbia than
expected and adversely affect Columbia's ability to continue its internal
growth at historical rates and maintain the quality of its earning assets;
(2) changes in interest rates reduce interest margins more than expected
and negatively affect funding sources; (3) projected business increases
following strategic expansion or opening or acquiring new branches are
lower than expected; (4) costs or difficulties related to the integration
of acquisitions are greater than expected; (5) competitive pressure among
financial institutions increases significantly; (6) legislation or
regulatory requirements or changes adversely affect the businesses in which
Columbia is engaged.
Contacts: Melanie J. Dressel, President and
Chief Executive Officer
(253) 305-1911
Gary R. Schminkey, Executive Vice President
and Chief Financial Officer
(253) 305-1966
SOURCE Columbia Banking System, Inc.
 back to top
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.
|
