COLUMBIA BANKING SYSTEM, INC. TACOMA, Wash., Jan. 30, 2018 /PRNewswire/ -- Columbia Banking System, Inc. ("Columbia") (NASDAQ: COLB) today announced additional investments in support of its employees, communities and customer experience following the recent passage of federal tax reform.
These investments include:
- Increasing the starting pay rate for employees to $15 per hour;
- Enhancing Columbia's investment in employee development and training programs;
- Increasing funding for employee-directed giving through Columbia Cares 501(c)3 non-profit organization; and
- Directing funds to enhance the digital banking technology experience for customers.
"Columbia's investment plan reaffirms our commitment to the three pillars of our culture – our employees, our community and our customers, while also maintaining our steadfast commitment to our shareholders," said Hadley Robbins, President and Chief Executive Officer of Columbia Bank. "We're pleased to have this opportunity to reward and develop our dedicated employees, enhance the quality of life in the communities we serve and invest in technology to deliver a best-in-class customer experience."
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked 11th on the 2018 Forbes list of best banks. More information about Columbia can be found on its website at www.columbiabank.com.
Note Regarding Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, descriptions of Columbia's management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia's style of banking and the strength of the local economy. The words "will," "believe," "expect," "intend," "should," and "anticipate" or the negative of these words or words of similar construction are intended in part to help identify forward looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risks and uncertainties, many of which are outside our control, that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia's filings with the Securities and Exchange Commission, available at the SEC's website at www.sec.gov and the Company's website at www.columbiabank.com, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our annual reports on Form 10-K and quarterly reports on Form 10-Q, (as applicable), factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following: (1) local, national and international economic conditions may be less favorable than expected or have a more direct and pronounced effect on Columbia than expected and adversely affect Columbia's ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates may reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches may be lower than expected; (4) costs or difficulties related to the integration of acquisitions may be greater than expected; (5) competitive pressure among financial institutions may increase significantly; and (6) legislation or regulatory requirements or changes may adversely affect the businesses in which Columbia is engaged. We believe the expectations reflected in our forward-looking statements are reasonable, based on information available to us on the date hereof. However, given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on these forward-looking statements which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws. The factors noted above and the risks and uncertainties described in our SEC filings should be considered when reading any forward-looking statements in this release.
Columbia Banking System Contacts:
Hadley S. Robbins, President and Chief Executive Officer
Clint E. Stein, Executive Vice President and Chief Operating Officer
Investor Relations Contact:
InvestorRelations@columbiabank.com
(253) 305-1921
Media Contact:
Moira Conlon
Financial Profiles, Inc.
(310) 622-8220
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SOURCE Columbia Banking System, Inc.
