| CONTACT: | Michal D. Cann - President & CEO
Phyllis A. Hawkins - SVP & CFO
360.679.3121 | CORPORATE INVESTOR RELATIONS
5333 - 15THAVENUE SOUTH, SUITE 1500
SEATTLE, WA 98108
206.762.0993
www.stockvalues.com |
NEWS RELEASE
WASHINGTON BANKING COMPANY DECLARES CASH DIVIDEND
OAK HARBOR, WA – October 28, 2004 – Washington Banking Company (Nasdaq: WBCO), the holding company for Whidbey Island Bank, announced that its Board of Directors has declared a cash dividend of $0.0725 per common share to shareholders of record on November 8, 2004. The dividend will be paid November 24, 2004.
“We see Washington Banking Company as a long-term investment, yet we want to encourage our shareholders during the short term,” said Michal D. Cann, President and Chief Executive Officer. “Especially in today’s environment, we believe that a cash dividend is a favorable way to reward our stockholders.”
WBCO has consistently paid a cash dividend each quarter since its initial public offering in 1998. In addition to the cash dividends, the company paid a 10% stock dividend in October 2002 and a 15% stock dividend in February 2004.
In a separate release today, WBCO reported its earnings for the third quarter 2004.
Washington Banking Company is a bank holding company based in Oak Harbor, Washington that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers’ financial needs. Whidbey Island Bank operates 18 full-service branches located in Island, Skagit, Whatcom and Snohomish counties in Northwestern Washington.
www.wibank.com
This news release may contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management’s expectations regarding future events and developments such as future operating results, growth in loans and deposits, and continued success of the Company’s business plan. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The words “expect,” “should,” “will,” “anticipate,” “believe” and words of similar meaning are intended in part to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risk and uncertainty that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company’s filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic condition; (2) unexpected changes in interest rates and their impact on net interest margin; (3) competitive pressure among financial institutions; (4) legislation or regulatory requirement; and (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure. Washington Banking Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.
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NOTE: Transmitted on Business Wire at ____ am PDT, October 28, 2004.
