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WASHINGTON BANKING CO
Symbol U : WBCO
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Whidbey Island Bank Opens New Branch in Woodinville, Washington

2012-12-03 13:00 ET - News Release


Company Website: http://www.wibank.com
OAK HARBOR, Wash. -- (Business Wire)

Whidbey Island Bank, the operating subsidiary for Washington Banking Company (NASDAQ:WBCO), is now open in its newest office located at 13930 NE Mill Place Suite 112, Woodinville, WA 98072.

“We’re happy to have the doors open at our new office and our employees are very eager to extend the Whidbey style of banking to more of our Eastside neighbors,” said Bryan McDonald, President of Whidbey Island Bank. “Our Woodinville team is headed by Rob Raile, a twenty-five year banking veteran who has been with us for the past six months.”

“I’m excited about the opportunities that the new location provides for our team and for the convenience it offers our customers,” stated Raile. “Having commercial and retail customers bring their banking business to Whidbey even before the office opened is a great indication of what lies ahead.”

In addition to Raile, the Woodinville team includes Commercial Loan Officer Chris Ulin, Credit Analyst Jake Hilleary, Credit Assistant Barb Jeffries, Real Estate Loan Officer Kathleen McCormick, and Customer Service Specialist Kellie Tuttle. “We anticipate that our competitive suite of products and attentive service will continue to be well-received by the many new business and retail customers in this fast-growing community,” Raile added.

Branch hours of operation are Monday through Friday, from 9:00 a.m. to 5:00 p.m. An ATM is on premises and available for use 24 hours a day. The branch phone number is (425) 419-2180. Grand opening festivities are planned for the first quarter of 2013. Whidbey Island Bank now has three King County branch locations within its 31-branch network in northwestern Washington.

ABOUT WASHINGTON BANKING COMPANY

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. With its two FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently operates 31 full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies. For each of the past three years Washington Banking was ranked the top financial institution in the Pacific Northwest region in the Seattle Times’ “Best of the Northwest” annual review of public companies.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future dividends and dividend payout ratios. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The words “anticipate,” “expect,” “will,” “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) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure; and (6) the ability to open new locations. 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.

www.wibank.com

Contacts:

Jack Wagner – WBCO President & CEO
Bryan McDonald – WIB President & CEO
Rick Shields – EVP & CFO
360-679-3121

Source: Washington Banking Company

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