Centennial Bank kicks off 1997 with record-breaking quarter.

OLYMPIA, Wash.--(BUSINESS WIRE)--April 21, 1997--A strong first-quarter in their mortgage division and an increase in business loans in Thurston, Mason and Lewis counties, as well as increased efficiencies in all areas of operation helped locally owned Centennial Bank post record first-quarter results for 1997, vs. the same period in 1996.

According to Steve Hanson, Centennial Bank's CFO, customer deposits were up almost $43 million, an increase of 28 percent. Total assets for the seven-branch bank exceeded $230.5 million, which equates to a 38 percent increase.

In addition, the bank reported year-to-date net income of $866,000, which is an increase of 78 percent for the same period in 1996. Centennial's capital/asset ratio was 8.62 percent, which is considered very strong, or "well capitalized" by bank regulators.

Currently, Centennial Bank is awaiting regulatory approval for the purchase of a Wells Fargo branch in Olde Towne Shelton, which is expected to take place in July this year. Long considered a leader in home and small business lending in Thurston and Mason counties, they are also earning new business and home loan customers in Lewis County at an astonishing rate.

Centennial has seven full-service branches in West Olympia, downtown Olympia, Lacey, Shelton, Hoodsport, Centralia, Chehalis, a commercial loan production office in Fife and a home loan office in Puyallup.

CONTACT: Centennial Bank

Steve Hanson, 360/754-2400