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COLUMBIA BANKING SYSTEM INC. ANNOUNCES PROPOSED COMMON STOCK OFFERING

 BELLEVUE, Wash., July 20 /PRNewswire/ -- Columbia Banking System Inc. (NASDAQ: COLB) today announced the filing of a registration statement with the Securities and Exchange Commission for a proposed offering of 1,250,000 shares of common stock. On Friday, July 16, 1993, the closing price of Columbia's common stock was $13 per share. Approximately $14.0 million of the net proceeds of the offering will be used primarily to support Columbia's proposed expansion into the Tacoma- Pierce County, Washington, area with a commercial banking operation.
 The investment banking firms of Kemper Securities Inc. and Ragen MacKenzie Inc. will co-manage the underwriting of the public offering. Columbia has granted to the underwriters a 30-day option to purchase up to 187,500 additional shares of common stock to cover over allotments, if any. The public offering is expected to be completed by August 17, 1993.
 Copies of the preliminary prospectus are available from Columbia 206-305-1900 (Tacoma), 206-646-5379 (Bellevue) or from Kemper Securities at 206-587-5775 or Ragen MacKenzie at 206-464-8881. The offering will be made only by means of the prospectus.
 Columbia Banking System Inc. is the holding company for Columbia Savings Bank, FSB, which has four offices in Western Washington: two in Longview, one in Woodland and one in Bellevue. Columbia First Service, the savings bank's mortgage subsidiary, has offices in Bellevue, Seattle and Longview. A merger transaction is currently pending for the acquisition of a commercial bank (the "Commercial Bank") by Columbia. The closing of the proposed public offering will take place after consummation of the merger. Upon completion of the proposed public offering, both the Commercial Bank, to be known as Columbia Bank and Columbia Banking System Inc. will be headquartered in Tacoma. Headquarters for the Savings Bank will remain in Bellevue.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 7/20/93 R
 /CONTACT: Arnold G. Espe, chairman, 206-646-5371 or J. Mike Dunn, vice president and marketing director, of Columbia Banking System, 206-646-5373/


CO: Columbia Banking Systems Inc. ST: Washington IN: FIN SU: OFR

LM-JH -- SE007 -- 6758 07/20/93 11:26 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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