LONGVIEW, Wash., Nov. 20 /PRNewswire-FirstCall/ -- Cowlitz Bancorporation (the "Company") announced today that the Annual Meeting of Shareholders of Cowlitz Bancorporation will be held on Thursday, December 31, 2009 at the Red Lion Hotel, 510 Kelso Drive, Kelso, Washington.
The purpose of this annual meeting will be to consider and vote upon the following matters:
1. To re-elect the six standing Directors to serve until the next Annual Meeting. 2. To approve an amendment to affect a one-for-ten reverse stock split of the Company's common stock, with payment of cash for fractional shares, and maintaining the current authorized common share level at 25 million shares.
Those shareholders of record at the close of business on November 16, 2009 are entitled to notice of and to vote at the annual meeting or any adjournments or postponements thereof.
Richard J. Fitzpatrick, President and CEO of Cowlitz Bancorporation commented: "We are looking forward to this year's annual shareholders meeting and the opportunity to present our views for moving forward. Our management team continues to work with its investment advisor to seek ways of further expanding our capital base, which will enable us to continue to provide our business and non-business customers with the caliber of products and services that has distinguished the Bank for over thirty years." Mr. Fitzpatrick added, "The proposal to affect a one-for-ten reverse stock split is an integral part of the process to raise additional capital for the Company."
The Company was notified on November 16, 2009, by Crescent Capital VI, LLC that they have withdrawn their nominees for election to the Company's Board of Directors and that they intend to sell their shares of the Company's stock.
Cowlitz Bancorporation is the holding company of Cowlitz Bank, which was established in 1977. In addition to its four branches in Cowlitz County, Washington, Cowlitz Bank's divisions include Bay Bank with branches in Seattle, Bellevue, and Vancouver, Washington plus Portland and Wilsonville, Oregon and Bay Mortgage with offices in Longview and Vancouver, Washington. Cowlitz specializes in commercial and international banking services for businesses, professionals, and retail customers. It also offers Trust Services in Washington and Oregon.
Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by, among other things, the use of forward-looking terms such as "likely," "typically," "may," "intends," "expects," "believes," "anticipates," "estimates," "projects," "targets," "forecasts," "seeks," "potential," "hopeful," or "attempts" or the negative of such terms or other variations on such terms or comparable terminology. By their nature, these statements are subject to risks, uncertainties and other factors, which could cause actual future results to differ materially from those results expressed or implied by such forward-looking statements. Do not unduly rely on forward-looking statements. They give the Company's expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and, except as required by law, the Company does not intend to update them to reflect changes that occur after that date
Cowlitz Bancorporation
CONTACT: Richard J. Fitzpatrick, Chief Executive Officer, or Gerald L.
Brickey, Chief Financial Officer, both of Cowlitz Bancorporation,
+1-360-423-9800
