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Washington Banking Company Declares 15% Stock Dividend; Cash Dividend Increased 4%.

Business Editors

OAK HARBOR Oak Harbor is the name of some towns in the United States:
  • Oak Harbor, Ohio
  • Oak Harbor, Washington
, Wash.--(BUSINESS WIRE)--Jan. 27, 2004

Washington Banking Company (Nasdaq:WBCO WBCO Washington Banking Company (stock symbol)
WBCO Wideband Controlled Oscillator
) today announced a 15% stock dividend, to be issued February 26, 2004, to shareholders of record February 10, 2004. Shareholders will receive 15 shares of common stock for each 100 shares of stock owned and cash in lieu Cash In Lieu (CIL)

In a typical exchange offer, "old" shares of the target company are exchanged for "new shares".
 of fractional shares Fractional share

Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs.

fractional share

Less than one share of stock, that is, one-third or one-half a share.
. The company also increased its quarterly cash dividend by 4% to $0.0725 per share. The cash dividend will be paid prior to the stock dividend on February 24, to shareholders of record February 9, 2004.

Concurrent with its dividend activity, the holding company for Whidbey Island Whid·bey Island  

An island of northwest Washington in Puget Sound northwest of Everett and east of Admiralty Inlet.
 Bank and Washington Funding Group announced earnings for the fourth quarter and 2003.

"The fourth quarter was a fitting end to an excellent year for Washington Banking Company," stated Michal Cann, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Fourth quarter and annual profits improved from the prior year, and we are delighted to be able to share that success with our shareholders. This 15% stock dividend follows a 10% stock dividend issued in October 2002. The increase in cash dividend marks the eighth consecutive year of increases in the cash dividend since Washington Banking Company was formed in 1996."

As reported earlier today, net income increased 31% in the fourth quarter to $1.6 million, or $0.28 per diluted share, compared to $1.2 million, or $0.22 per diluted share a year ago. For 2003, net income increased 12% to $6.0 million, or $1.08 per diluted share, compared to $5.3 million, or $0.98 per diluted share in the previous year. All per share data has been adjusted for this pending stock dividend.

Washington Banking Company is a bank holding company based in Oak Harbor, Washington Oak Harbor is a city located on Whidbey Island in Island County, Washington. The population was 19,795 at the 2000 census.

Oak Harbor was incorporated on May 14, 1915. History
Oak Harbor is Whidbey Island's largest incorporated city.
 that operates Whidbey Island Bank, a state-chartered full-service commercial bank, and Washington Funding Group, a wholesale mortgage lending subsidiary. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. Whidbey Island Bank operates 17 full-service branches located in Island, Skagit, Whatcom and Snohomish counties in Northwestern Washington. Washington Funding Group, established in 2003, provides wholesale lending services operating from four offices located in Washington and Oregon.

This news release may contain 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.
 that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, and continued success of the Company's business plan. Readers should not place undue reliance on forward-looking statements which reflects management's views only as of the date hereof. The words ``will,'' ``believe,'' ``expect,'' ``should,'' "likely," ``anticipate'' 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 necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. 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 conditions are less favorable fa·vor·a·ble  
1. Advantageous; helpful: favorable winds.

2. Encouraging; propitious: a favorable diagnosis.

 than expected or have a more direct and pronounced effect on the Company than expected; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or are lower than expected; (4) competitive pressure among financial institutions increases significantly; (5) legislation or regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country.  or changes adversely affect the banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
 sector; and (6) the Company's ability to realize the efficiencies it expects to receive from its investment in personnel and infrastructure. The ability of the company to pay dividends will depend on the profitability of its subsidiaries, the need to retain or increase capital, and the dividend restrictions imposed upon the Company by applicable banking law. Although the Company anticipates payment of regular cash dividends, the Company cannot guarantee that future dividends will be paid, as they are subject to these limitations and to the discretion of the Board of Directors, and could be reduced or eliminated. 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 Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 protections provided under the Securities Exchange Act of 1934, as amended.
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Publication:Business Wire
Date:Jan 27, 2004
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