Oct 25 - Columbia Banking System Inc. in Tacoma, Wash., (Nasdaq: COLB) has announced a quarterly cash dividend of 11 cents per common share, and per common share equivalent for holders of preferred stock, will be paid on Nov. 20, 2013, to shareholders of record as of the close of business on Nov. 6, 2013.
Melanie Dressel, president and CEO of Columbia Banking System and Columbia Bank, commented, "We continue to track ahead of our modeled financial expectations related to our most recent acquisition. As a result, we are pleased to increase our dividend, resulting in a payout ratio of 44 percent. The 11 cent cash dividend represents a 10 percent increase over the dividend paid for the prior three quarters and 22 percent for the same period a year ago."
Headquartered in Tacoma, Wash., Columbia Banking System Inc. is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank. Columbia recently received a 2013 "Top Places to Work" award from the Business Examiner Media Group and was named for the seventh consecutive year as one of Puget Sound Business Journal's 2013 "Washington's Best Workplaces." With the recent acquisition of West Coast Bancorp, Columbia Banking System has 145 banking offices, including 80 branches in Washington State and 65 branches in Oregon. More information about Columbia can be found on its website at www.columbiabank.com.