OAK HARBOR, Wash., Sept. 30, 2008 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, announced that it has formalized the severance agreement with its retiring President and Chief Executive Officer Michal D. Cann.
The company will book an expense of approximately $800,000 pre-tax, in the third quarter for the severance agreement with Cann for his retirement effective September 30, 2008. "The cost associated with Mike's retirement is expected to reduce third quarter profits by approximately $0.06 per share," said Jack Wagner, President and CEO. "We still anticipate reporting a profitable third quarter and we remain well capitalized. It should also be noted that we do not hold any Freddie Mac or Fannie Mae preferred securities."
Washington Banking expects to release its third quarter 2008 earnings prior to the market opening on Thursday, October 23, 2008. At 9:00 am PDT (12 noon EDT) that same day, Jack Wagner, President and CEO, and Rick Shields, Executive Vice President and CFO, will host a conference call to discuss the results.
Investment professionals and all current and prospective shareholders are invited to access the live call by dialing (303) 262-2053. To listen to the call online, either live or archived, visit the Investor Relations page of Whidbey Island Bank's website at www.wibank.com. Shortly after the call concludes, the replay will also be available at (303) 590-3000, using access code 11120513#, where it will be archived for 90 days.
Washington Banking Company is the holding company for Whidbey Island Bank. Whidbey Island Bank is a full-service bank, serving local Northwest communities from 19 branch locations across Island, San Juan, Skagit, Whatcom and Snohomish Counties. The bank was established in 1961 and provides high-quality lending, deposit, transaction and investment services to individuals and businesses.