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Washington Banking Increases Quarterly Dividend

OAK HARBOR, Wash., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, announced today that it increased the quarterly cash dividend to common shareholders by 67%. The Board declared a regular cash dividend of $0.05 per common share, payable November 24 to common shareholders of record on November 8, 2010. This is the 50 th consecutive quarter that Washington Banking has paid a cash dividend to holders of common stock.

In a separate release today, Washington Banking reported third quarter results, including earnings of $0.86 per diluted common share for the 2010 third quarter. Management will host a conference call on Friday, October 29, 2010 at 10:00 a.m. Pacific time (1:00 p.m. Eastern) to discuss their third quarter performance. This call will also be broadcast live via the internet. Investment professionals and all current and prospective shareholders are invited to access the live call on Friday, 10/29/10 by dialing (480) 629-9722 for conference ID #4365056. To listen to the call online, either live or archived, visit the Investor Relations page of Whidbey Island Bank's website at www.wibank.com

Shortly after the call concludes, the replay will also be available at (303) 590-3030, using access code #4365056.

Direct deposit of dividends is available for registered holders of WBCO. The quickest way for registered holders to have their dividends deposited directly into a transaction account is to log-in to the "Investor Centre" area of the transfer agent's website at www.computershare.com . Registered holders of WBCO shares may also enroll in this service by calling Computershare at 1-800-962-4284 and requesting an enrollment form.      

ABOUT WASHINGTON BANKING COMPANY

Washington Banking Company is a bank holding company based in Oak Harbor, Washington, 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. Whidbey Island Bank operates 30 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.

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