-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CHTVtaQEtA/hJ9aych/RVKmgO7RrqyQ2We7UMzC6H5PGq3MjQ42hmXMvERRxGeS9 N0RubMOWlXhyOHIwHUX4Nw== 0000887343-96-000016.txt : 19961016 0000887343-96-000016.hdr.sgml : 19961016 ACCESSION NUMBER: 0000887343-96-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961011 ITEM INFORMATION: Other events FILED AS OF DATE: 19961015 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BANKING SYSTEM INC CENTRAL INDEX KEY: 0000887343 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 911422237 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20288 FILM NUMBER: 96643063 BUSINESS ADDRESS: STREET 1: 1102 BROADWAY PLAZA CITY: TACOMA STATE: WA ZIP: 98402 BUSINESS PHONE: 2063051900 MAIL ADDRESS: STREET 1: 1102 BROADWAY PLAZA CITY: TACOMA STATE: WA ZIP: 98402 8-K 1 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. ----------------------------- (Exact name of registrant as specified in its charter) Washington ---------- (State or other jurisdiction of incorporation) 0-20288 91-1422237 ---------------------- -------------------------------- (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 FORM 8-K COLUMBIA BANKING SYSTEM, INC. Tacoma, Washington October 11, 1996 Item 5. Other Events - --------------------- 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 - ------------------------------------------ (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. -2- 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 ----------------------------------------- A. G. Espe, Chairman -3- Exhibit (20) COLUMBIA BANKING SYSTEM FOR IMMEDIATE RELEASE --------------------- 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. ### -----END PRIVACY-ENHANCED MESSAGE-----