Washington Banking To Open New Branch In Woodinville, Washington

Washington Banking Company (NASDAQ: WBCO), the holding company for Whidbey Island Bank, today announced its branch network expansion is continuing with the opening of an office in Woodinville, Washington, later this year. The new branch will be located at 13930 NE Mill Place Suite 112, Woodinville, WA 98072.

“The Woodinville office will expand our branch network in East King County and offer the Whidbey style of banking to the many business and retail customers in the fast-growing Eastside community,” said Bryan McDonald, President of Whidbey Island Bank. “We have already started to reach out to Eastside business owners to introduce our competitive suite of lending solutions.”

The expansion will increase the number of Whidbey Island Bank branches to 31. The new office is expected to open its doors before the end of the year, pending regulatory approvals.

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. For each of the past three years Washington Banking was ranked the top financial institution in the Pacific Northwest region in the Seattle Times’ “Best of the Northwest” annual review of public companies.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management’s expectations regarding future dividends and dividend payout ratios. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The words “anticipate,” “expect,” “will,” “believe,” and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risk and uncertainty that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company’s filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic condition; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure; and (6) the ability to open new locations. Washington Banking Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.

Copyright Business Wire 2010

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