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EXHIBIT 99.1
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[LETTERHEAD]
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COWLITZ BANCORPORATION CLOSES ACQUISITION OF NORTHERN BANK OF COMMERCE
LONGVIEW, WA and PORTLAND, OR - July 3, 2000 - Cowlitz Bancorporation (Nasdaq:
CWLZ) announced today that the pending acquisition of Northern Bank of Commerce
(Nasdaq: NBOC) has closed. Cowlitz will account for the acquisition as a
purchase transaction. The acquisition was effective on Saturday, July 1, 2000.
Cowlitz expects to merge Northern Bank into Cowlitz Bank today.
Under the merger agreement, each shareholder of Northern Bank of Commerce will
receive $2.48 per share, in which $1.665 will be paid immediately and the
remaining $.815 will go into an escrow account. Portland-based Northern Bank
will be structured as a division of Cowlitz Bank, doing business as Northern
Bank of Commerce, an arrangement similar to that with Cowlitz' Bay Bank division
in Bellevue, Washington.
"We have looked forward to this day for a long time, and finally we can welcome
Northern Bank of Commerce and their customers into Cowlitz Bancorporation,"
stated Harve Menkens, President. "Our franchise will now stretch along the I-5
corridor from Puget Sound to Portland, a region that provides us with great
growth opportunities. We think our institution is in an ideal position to
prosper as the Pacific Northwest grows."
Founded in 1994, Northern Bank of Commerce specializes in middle market lending
and financial services. The bank has established a niche in Portland's small and
medium-sized business market and also is noted for their service to retirement
communities. They currently operate limited-opening-time branches in eight
retirement communities throughout the Portland area. At March 31, 2000, assets
were $49.6 million, net loans were $36.2 million and deposits totaled $47.5
million.
Cowlitz Bancorporation's assets were $219.0 million, net loans were $172.8
million and deposits totaled $154.5 million at March 31, 2000. Shareholders'
equity was $31.0 million and book value equaled $7.79 per common share. Cowlitz
Bank is the largest community bank headquartered in Cowlitz County - 40 miles
north of Portland, Oregon. They provide trust services to the metropolitan
Portland market through their Vancouver, Washington office and now through
Northern Bank of Commerce.
FORWARD LOOKING STATEMENT DISCLAIMER: THIS RELEASE CONTAINS CERTAIN
FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES.
SUCH FORWARD LOOKING STATEMENTS, SPECIFICALLY IN REFERENCE TO THE PENDING
MERGER, ARE BASED ON MANAGEMENT'S ASSUMPTIONS AND PROJECTIONS, THEREFORE, YOU
SHOULD NOT RELY SOLELY ON THE FORWARD-LOOKING STATEMENTS IN EVALUATING AN
INVESTMENT OR PROSPECTIVE INVESTMENT. YOU SHOULD CONSIDER ALL UNCERTAINTIES AND
RISKS IN THE INSTITUTIONS' FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION
AND THE FEDERAL DEPOSIT INSURANCE CORPORATION.
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NOTE: Transmitted on PR Newswire at 5:30 a.m. PDT, July 3, 2000.
