May 28 - Washington Banking Company (Nasdaq: WBCO), the holding company for Whidbey Island Bank, today announced that its board of directors has authorized the repurchase of up to 775,000 shares of the company's outstanding shares or approximately 5 percent of current outstanding.
"Based on current industry conditions, we believe that the availability of a repurchase program aligns with our capital management strategy and is in the best interests of our shareholders," said Jack Wagner, president and CEO.
Repurchases may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The number, timing and price of shares repurchased will depend on business and market conditions, and other factors, including opportunities to deploy the Company's capital. The repurchase program is expected to continue through the end of 2014, however the Company is under no obligation to repurchase a specific number or dollar amount of shares and the repurchase program may be discontinued at any time.
About Washington Banking Company
Washington Banking Company is a bank holding company based in Oak Harbor, Wash., that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. With its two FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently operates 31 full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.