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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of report: October 11, 1996
Columbia Banking System, Inc.
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(Exact name of registrant as specified in its charter)
Washington
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(State or other jurisdiction of incorporation)
0-20288 91-1422237
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(Commission File Number) (IRS Employer Identification No.)
1102 Broadway Plaza
Tacoma, WA 98402
(Address of principal executive offices) (Zip Code)
(206) 305-1969
Registrant's telephone number, including area code
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FORM 8-K
COLUMBIA BANKING SYSTEM, INC.
Tacoma, Washington
October 11, 1996
Item 5. Other Events
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On October 10, 1996, Columbia Banking System, Inc. ("CBSI") announced the
effect on the Company's third quarter 1996 earnings resulting from recent
federal legislation designed to recapitalize the Savings Association Insurance
Fund ("SAIF") of the FDIC.
A copy of CBSI's News Release containing the announcement is attached as an
exhibit to this report.
Item 7. Financial Statements and Exhibits
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(a) Financial statements - not applicable.
(b) Pro forma financial information - not applicable.
(c) Exhibits:
(20) News release issued by Columbia Banking System, Inc.
dated October 10, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
COLUMBIA BANKING SYSTEM, INC.
(Registrant)
Date: October 11, 1996 By: /s/ A. G. Espe
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A. G. Espe, Chairman
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Exhibit (20)
COLUMBIA BANKING SYSTEM
FOR IMMEDIATE RELEASE
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October 10, 1996
Contact: A. G. Espe, Chairman, (206)305-1970
W. W. Philip, President, (206)305-1993
COLUMBIA BANKING SYSTEM ANNOUNCES
EFFECT OF RECENT FEDERAL LEGISLATION
TACOMA, Washington---Columbia Banking System, Inc. (Nasdaq: COLB) today
announced that the recently passed Federal legislation designed to recapitalize
the Savings Association Insureance Fund ("SAIF") of the FDIC will result in a
one-time charge to Columbia's third quarter earnings.
A. G. Espe, Chariman and Chief Executive Officer of Columbia stated that
the legislation requires a special one-time assessment of approximately 65.7
cents per $100 of SAIF insured deposits held at March 31, 1995, with a 20%
discount on the special assessment for banks, such as Columbia Bank, which have
a majority of their deposits insured by the FDIC Bank Insurance Fund ("BIF").
Management currently anticipates that the one-time special assessment will
result in a charge to earnings of approximately $612,000 during the third
quarter of 1996. Management also anticipates that deposit insurance premiums
in future quarters will be significantly reduced from the current premium range
applicable to SAIF deposits. The current charge to earnings is expected to be
recovered within approximately 3 years through reduced insurance premiums.
For the years 1997 through 1999, an annual assessment of approximately
6.44 cents (versus a current annual SAIF insurance premium of 23 cents) and
1.29 cents, each per $100 of insured deposits, will be assessed upon SAIF and
BIF insured deposits, respectively. The legislation is intended to fully
recapitalize the SAIF fund so that commercial bank and thrift deposits will be
charged the same FDIC premiums after the year 1999.
W. W. Philip, President and Chief Executive Officer of Columbia Bank,
stated that "the new law eliminates uncertainty as to future insurance premiums
payable by the many financial institutions that hold SAIF insured deposits."
At September 30, 1996, approximately $156 million (34%) of Columbia Bank's
deposits are deemed to be thrift deposits insured in the SAIF fund (though
actual thrift deposits at that date are approximately $23 million) with the
balance being insured in the BIF fund. The one-time special assessment is not
applicable to deposits insured in the BIF fund.
Columbia Banking System is a Tacoma, Washington-based bank holding company
which operates Columbia Bank, a state-chartered full-service commercial bank
with fifteen banking offcies in Pierce, King and Cowlitz counties.
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