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Washington Banking Increases Quarterly Dividend And Declares Special Cash Dividend

Washington Banking Company (NASDAQ: WBCO), the holding company for Whidbey Island Bank, announced today that the Board of Directors declared a regular quarterly cash dividend of $0.06 per common share, in addition to a special cash dividend of $0.06 per common share. Shareholders of record on February 6 th will be paid for both dividends together, totaling $0.12 per common share, on February 22, 2012.

“Our consistent profitability and strong capital ratios have afforded us the pleasure of rewarding our shareholders with a cash dividend for the 55 th consecutive quarter,” stated Jack Wagner, President & CEO. “We not only increased the quarterly payout by 20%, but are also paying a special dividend of six cents. Although no one can guarantee payment of future dividends, our Board of Directors believe that it is an important part of total shareholder returns.”

In a separate release today, Washington Banking announced 2011 fourth quarter and year end results, reporting net income of $4.2 million, or $0.28 per diluted common share, for the quarter and $14.9 million, or $0.97 per diluted common share, for the full year. Management will host a conference call on Friday, January 27, at 10:00 a.m. Pacific time (1:00 p.m. ET) to discuss the results. 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 by dialing (480) 629-9771 at 10:00 a.m. PT for conference ID #4504421. 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.

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. With its two FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently 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. Washington Banking was the only company in the Pacific Northwest that ranked in the top 100 best performing community banks between $500 million and $5 billion in assets by SNL Financial in 2010, and joined the Keefe, Bruyette &Woods 2010 Bank Honor Roll, based on its superior 10-year track record.

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