TACOMA, Wash. and ENUMCLAW, Wash., June 26 /PRNewswire-FirstCall/ -- Columbia Banking System, Inc. , "Columbia", and Mountain Bank Holding Company (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
