TACOMA, Wash., Oct. 17 /PRNewswire-FirstCall/ -- Columbia Banking
System, Inc. (Nasdaq: COLB) ("Columbia") announced today that it has filed
a shelf registration statement on Form S-3 with the Securities and Exchange
Commission (SEC). When declared effective by the SEC, the shelf
registration statement will allow Columbia to raise capital from time to
time, up to an aggregate of $100 million, through the sale of common and
preferred stock. Specific terms and prices will be determined at the time
of each offering under a separate prospectus supplement, which will be
filed with the SEC at the time of the offering.
Melanie Dressel, President and Chief Executive Officer, said, "By
filing this shelf registration, we are increasing our capital flexibility.
It puts us in a position to take advantage of potential opportunities that
we anticipate over the next several years."
The registration statement on Form S-3 filed with the SEC has not yet
become effective. Securities may not be sold nor may offers to buy be
accepted prior to the time that the registration statement becomes
effective. This news release does not constitute an offer to sell, or the
solicitation of an offer to buy securities, nor shall there be any sale of
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification of the securities under the
securities laws of that state.
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is
the holding company of Columbia Bank, a Washington state-chartered
full-service commercial bank. With the 2007 acquisitions of Mountain Bank
Holding Company and Town Center Bancorp and the 2008 internal merger of its
subsidiary, Bank of Astoria, into Columbia Bank, Columbia Banking System
has 52 banking offices in Pierce, King, Cowlitz, Kitsap, Thurston and
Whatcom counties in Washington State, and Clackamas, Clatsop, Tillamook and
Multnomah counties in Oregon. Included in Columbia Bank are former branches
of Mt. Rainier National Bank, doing business as Mt. Rainier Bank, with 5
branches in King and Pierce counties. Columbia Bank does business under the
Bank of Astoria name at the Bank of Astoria's former branches located in
Astoria, Warrenton, Seaside and Cannon Beach in Clatsop County and 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 management's expectations regarding future events and developments
such as future operating results, growth in loans and deposits, continued
success of our style of banking and the strength of the local economy. The
words "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
our 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 and national
economic conditions are less favorable than expected or have a more direct
and pronounced effect on us than expected and adversely affect our ability
to continue internal growth at historical rates and maintain the quality of
our earning assets; (2) a continued decline in the housing/real estate
market; (3) changes in interest rates significantly reduce interest margins
and negatively affect funding sources; (4) deterioration of credit quality
that could, among other things, increase defaults and delinquency risks in
the Banks' loan portfolios; (5) projected business increases following
strategic expansion activities are lower than expected; (6) competitive
pressure among financial institutions increases significantly; (7)
legislation or regulatory requirements or changes adversely affect the
businesses in which we are engaged; and (8) our ability to realize the
efficiencies we expect to receive from our investments in personnel,
acquisitions and infrastructure.
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.
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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.
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