UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported) September 18, 2008

                                COLUMBIA BANCORP
             (Exact name of registrant as specified in its charter)

           Oregon                      0-27938                   93-1193156
           -------                     -------                   ----------
(State or other jurisdiction         (Commission                (IRS Employer
      of incorporation)              File Number)            Identification No.)

                        401 East Third Street, Suite 200,
                            The Dalles, Oregon 97058
                    (Address of principal executive offices)

                                 (541) 298-6649
              (Registrant's telephone number, including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)

      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR ] 240.14d-2(b))

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      Exchange Act (17 CFR 240.13e-4(c))



Item 2.01.        Completion of Acquisition or Disposition of Assets

On September 18, 2008, Columbia Bancorp announced that its subsidiary, Columbia
River Bank, entered into a definitive agreement with Elan Financial Services to
sell its credit card portfolio, with a current outstanding balance of
approximately $7 million, for a purchase price of $7.8 million. Columbia River
Bank will continue to sell and support credit card products and services and the
credit cards will continue to be issued under Columbia River Bank's name. The
sale component of the transaction is expected to result in a 2008 pre-tax gain
of approximately $770,000 to Columbia River Bank. The actual gain will depend on
several factors, including the balance of the portfolio on the sale date.

Item 9.01.        Financial Statements and Exhibits.

(d) Exhibits

99.1     Press release dated September 18, 2008.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated: September 18, 2008        /s/ Roger L. Christensen
                                 ------------------------
                                 Roger L. Christensen, Chief Executive Officer -
                                 Columbia River Bank; President and Chief
                                 Executive Officer - Columbia Bancorp