COLUMBIA, Md., Dec. 20 /PRNewswire-FirstCall/ --
Columbia Bancorp (Nasdaq: CBMD), parent company of The Columbia Bank,
announced this day the sale of an office building utilized for administrative
offices. As a result of the sale, the Company will record a pre-tax gain of
approximately $720,000 during the fourth quarter of 2002. It is estimated
that the net after tax gain will be approximately $435,000 or $.06 per diluted
share. The Company will lease the facility for a period up to August 2003.
Recognizing the strength of the Company's financial performance through
the nine months ended September 30, 2002, the Board of Directors authorized an
increase in the Company's quarterly Common Stock cash dividend from $.11 per
share to $.12 1/2 per share, representing an increase of 13.6%. The dividend
will be paid on January 21, 2003 to stockholders of record at the close of
business on January 6, 2003.
Columbia Bancorp, headquartered in Columbia, Maryland, is a bank holding
company and parent company of The Columbia Bank, a commercial bank. The
Columbia Bank currently operates twenty-four banking offices in the
Baltimore/Washington Corridor and provides a full range of financial services
to consumers and businesses. Columbia Bancorp's Common Stock is traded on the
National Market tier of The Nasdaq Stock Market(SM) under the symbol "CBMD".
SOURCE Columbia Bancorp
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Related links:
http://www.columbank.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/127921.html
CONTACT:
John A. Scaldara, Jr., CFO and Secretary of
Columbia Bancorp, +1-410-465-4800
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