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Washington Banking Declares Quarterly Dividend

OAK HARBOR, Wash., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, announced today that the Board declared a regular cash dividend of $0.05 per common share, payable March 1 st to shareholders of record on February 11, 2011. This marks the 51 st consecutive quarter for a cash dividend paid to Washington Banking Company's holders of common stock.

Washington Banking is scheduled to report fourth quarter and year end 2010 results later today.  Management will host a conference call on Wednesday, February 2, 2011 at 10:00 a.m. Pacific time (1:00 p.m. Eastern) to discuss their 2010 fourth quarter/ full year 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 Wednesday, 2/2/11 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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