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Columbia Bank Takes Steps to Buoy Bottom Line

TACOMA, WA-The commercial bank holding company has received $22 million from its

By Gina Binole | Updated on August 13, 2001

TACOMA, WA-In an effort to support its future growth and expansion plans, the locally-based Columbia Banking System Inc. has received $22 million from a pooled trust preferred offering. The offering was managed by Keefe, Bruyette & Woods and First Tennessee CapitalMarkets.

Columbia’s board of directors also has approved a stock repurchase program, which will be funded by up to $9 million of the proceeds from the pooled trust preferred transaction. Under the stock repurchase program, Columbia may systematically purchase up to 660,000 of its outstanding shares of Common Stock. Those shares represent approximately 5% of the 13.1 million common shares currently outstanding.

“We are pleased that the trust preferred transaction has provided additional capital that will support our continued growth while also allowing us to implement our new stock repurchase program,” J. James Gallagher, Columbia’s chief executive officer, said in announcing the news. “Together these two events should enable Columbia to restructure its balance sheet and to more effectively leverage its assets, and should have a favorable effect on earnings per share and return on shareholders equity.”

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