Columbia Banking System Declares Cash Dividend

TACOMA, Wash., Oct. 23 /PRNewswire-FirstCall/ -- The Board of Directors of
Columbia Banking System, Inc. (Nasdaq: COLB) announced that a quarterly cash
dividend of $0.07 per share will be paid on November 19, 2008 to shareholders
of record as of the close of business on November 5, 2008.
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the
holding company of Columbia Bank, a Washington state-chartered full-service
commercial bank. With the 2007 acquisitions of Mountain Bank Holding Company
and Town Center Bancorp and the 2008 internal merger of its subsidiary, Bank
of Astoria, into Columbia Bank, Columbia Banking System has 52 banking offices
in Pierce, King, Cowlitz, Kitsap, Thurston and Whatcom counties in Washington
State, and Clackamas, Clatsop, Tillamook and Multnomah counties in Oregon.
Included in Columbia Bank are former branches of Mt. Rainier National Bank,
doing business as Mt. Rainier Bank, with 5 branches in King and Pierce
counties. Columbia Bank does business under the Bank of Astoria name at the
Bank of Astoria's former branches located in Astoria, Warrenton, Seaside and
Cannon Beach in Clatsop County and in Manzanita in Tillamook County. More
information about Columbia can be found on its website at
http://www.columbiabank.com.
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which can be
identified by words such as "may," "expected," "anticipate", "continue," or
other comparable words. In addition, all statements other than statements of
historical facts that address activities that Columbia expects or anticipates
will or may occur in the future are forward-looking statements. Readers are
encouraged to read the SEC reports of Columbia, particularly its form 10-K for
the Fiscal Year ended December 31, 2007, for meaningful cautionary language
discussing why actual results may vary materially from those anticipated by
management.
Contacts: Melanie J. Dressel, President and
Chief Executive Officer
(253) 305-1911
Gary R. Schminkey, Executive Vice President
and Chief Financial Officer
(253) 305-1966

SOURCE Columbia Banking System, Inc.

Melanie J. Dressel, President and Chief Executive Officer, +1-253-305-1911, or
Gary R. Schminkey, Executive Vice President and Chief Financial Officer,
+1-253-305-1966