OAK HARBOR, Wash., March 2, 2010 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO) announced today that it elected Robert T. Severns to serve on its Board of Directors. Severns was also elected to serve on the board of Whidbey Island Bank, the Company's wholly-owned subsidiary.
"Bob is extremely involved in the community and has developed a great reputation among local business people," stated Tony Pickering, Chairman of the Board for Washington Banking Company. "His considerable amount of experience as a director makes Bob an ideal candidate to represent our shareholders and we are very pleased to have him join our Board." Pickering advised that Severns was appointed to the Company's Audit Committee.
Severns, a resident of Oak Harbor, WA, is the President of Chicago Title Insurance Company/ Island Division, Oak Harbor, a position he has held since 1999. He served on the Island Title Company Board of Directors for 15 years and is currently Chairman of the Board for Land Title of Kitsap and Mason Counties. He holds a Bachelor of Arts Degree in Administrative Management from Central Washington University, and has varied experience in board and committee memberships at local and state levels. Severns also serves as an Oak Harbor City Council member.
ABOUT WASHINGTON BANKING COMPANY
On January 28, 2010, Washington Banking Company reported that it earned $6.2 million in 2009 and topped $1 billion in total assets.
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. Whidbey Island Bank operates 18 full-service branches located in five 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.