Centennial Bancorp Begins Chief Executive Officer Search Pending Ted R. Winnowski's Retirement.Business Editors PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--May 21, 2002 Centennial Bancorp (Nasdaq: CEBC CEBC Center for Ethical Business Cultures (University of St. Thomas) CEBC Consulting Engineers of British Columbia CEBC Centre d'Études Biologiques de Chize CEBC Conselho Empresarial Brasil-China CEBC Centre For Evidence-Based Conservation )--At Centennial Bancorp's recent annual shareholders meeting in April, it was announced that the Company had begun a management succession search to meet Ted R. Winnowski's retirement plans at the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of his employment agreement on December December: see month. 31, 2002. Mr. Winnowski is President and Chief Executive Officer of Centennial Bancorp and Centennial Bank. "At the time we entered into our five-year employment agreement with Mr. Winnowski in 1998, we fully understood his desire not to commit to a five or ten-year extension at maturity," said Richard C. Williams, Centennial Bancorp Chairman. "We were extremely pleased that Ted agreed to join us in 1998, and much has been achieved during his tenure. He was the guiding force in extending our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" and building a team and infrastructure at the Portland/Vancouver marketplace." Continued Mr. Williams, "Our assets have almost doubled in size since 1997. We have a solid image in the Portland area as a leading independent bank. We established our headquarters in Portland, added ten branches, and built an impressive lending expertise. We are sorry to see Ted decide to leave the company at this time. Everyone associated with the Bank joins me in extending our thanks and best wishes in his future retirement plans." To assist in this management succession search, Centennial Bancorp has retained an outside firm. "The Board realizes the extreme importance of this endeavor, and the impact it will have on all of our employees, customers, shareholders and the communities we serve," added Mr. Williams. "Since 1997, Centennial Bancorp has undergone a rapid market expansion and highly focused and successful business banking strategy. As we begin this period of management transition, we want to continue to build on those achievements and look for additional new opportunities in the future. We anticipate completing our search by the end of summer, and have a smooth transition prior to Mr. Winnowski's retirement at year-end," concluded Mr. Williams. About Centennial Bancorp Centennial Bancorp is a bank holding company organized in 1981, whose subsidiary is Centennial Bank, both headquartered in Portland, Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. . Centennial Bank currently operates twenty-three banking offices. Fourteen are in the Portland metropolitan area The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area, also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. ; two in Vancouver, Washington
Vancouver, Washington is a city on the north bank of the Columbia River, in the state of Washington, USA. It is the county seat of Clark County. ; one in Salem; and six in Lane County. The Bank also operates four mortgage lending offices, and seven commercial banking centers directed to the needs of middle market commercial customers. Centennial Bancorp's common stock is traded on the NASDAQ National Market and is included in the Russell 200 Index under the symbol "CEBC." For more information, please contact Centennial Bancorp, One SW Columbia Street, Suite 900, Portland, Oregon 97258. Telephone: 503/973-5556; FAX: 503/973-5557. Web address: www.centennialbank.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995, including statements concerning the continued financial performance of the company and its plans and opportunities for future growth. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially than those expected. Specific risks include, but are not limited to, general business and economic conditions, executive recruit conditions, competitive factors and other factors listed from time to time in Centennial Bancorp's SEC reports. |
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