Timberland Bancorp Hires Ed Foster As Chief Credit Officer; Announces Promotions Of Drugge, Norawong, And Pifer

Timberland Bancorp, Inc. (NASDAQ:TSBK) (“Timberland” or “the Company”) today announced the hiring of Ed Foster as Chief Credit Officer, who is replacing Michael Scott following his retirement. In addition, Bob Drugge has been promoted to Executive Vice President of Community and Commercial Lending, John Norawong is now Chief Operating Officer and Richard Pifer has been promoted to Regional Manager of Community Lending.

“We welcome Ed to our senior management team and look forward to working with him to expand our lending operations,” said Michael R. Sand, President and CEO. “His many years of experience managing community bank loan departments, as well as his regulatory expertise, will enhance our management team. In addition, Bob, John and Richard have long tenures with Timberland and are exceptionally capable leaders.”

Most recently, Ed Foster served as an examiner with the Federal Deposit Insurance Corporation (FDIC). Foster has spent the majority of his career in banking beginning in the proof department and progressing to chief credit administrator. He has worked in all areas of credit management during his banking career. A graduate of Western International University, Foster earned his Bachelor of Science degree in Management and his Master’s in Business Administration in Finance. He is also a graduate of the Pacific Coast Banking School at University of Washington.

Bob Drugge has been promoted to lead the Community and Commercial Lending division of the bank. Drugge joined Timberland in 2006 and has more than 37 years in banking. Drugge earned his Bachelor’s degree in Business Administration from the University of Washington, majoring in accounting. He is also a graduate of the Pacific Coast Banking School. Born and raised in Hoquiam, Washington, Drugge currently serves on the Franciscan Foundation finance committee and has served on the boards of City of Puyallup Parks and Recreation, Comprehensive Mental Health, Red Cross, World Trade Center, Puyallup Cal Ripken Baseball, YMCA and many other community organizations.

John Norawong has been promoted to Chief Operating Officer. Norawong has over 19 years of experience in commercial lending, retail banking, and various management positions. Prior to joining Timberland Bank in 2006, Norawong has served in senior management positions with United Commercial Bank, Key Bank and Sanwa Bank of California. Norawong earned his Bachelor’s degree in Business from Brigham Young University and his Master’s degree in Business Administration from the University of Tennessee.

Richard Pifer, with more than 32 years of banking experience, is being promoted to Regional Manager of Community Lending. Pifer is a graduate of the Coastline College and the University of Washington’s Pacific Coast Banking School. He currently serves on the board and is Community Service Director for Gig Harbor’s Rotary, is past vice president for the Gig Harbor Museum, is a member of the Gig Harbor Chamber of Commerce, is a founder of the Peninsula High School Interact Club and is a volunteer instructor for Junior Achievement.

About Timberland Bancorp, Inc.

Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank (“Bank”). The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington, with a full range of lending and deposit services through its 22 branches (including its main office in Hoquiam).

Photos available upon request to Denise Burke at drburke@timberlandbank.com or 360-533-4747.

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