Exhibit 99.2

Exhibit 99.2

FDIC-Assisted Acquisition of American Marine Bank

January 29, 2010

Safe Harbor Statement:

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to future events and expectations and involve known and unknown risks and uncertainties. Actual results may differ materially from those currently expected or projected in these forward-looking statements. These forward-looking statements are based on current expectations and assumptions, and we assume no obligation to update these forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. For risks relating to these forward-looking statements and factors that could cause actual results to differ materially from those anticipated, please review Columbia’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q (including the “Risk Factors”, “Business” and “Management’s Discussion and Analysis” sections therein) and other filings with the Securities and Exchange Commission.

2

American Marine Bank At-A-Glance

Founded: 1948; HQ: Bainbridge Island, WA

Focus: Community Banking with a Trust and Wealth Management division

Employees: 120(1)

Branches: 11 branches in Western Puget Sound

Columbia Banking System, Inc. (52) American Marine Bank (11)

3(1) 120 FTE employees as of September 30, 2009. Source: Call report

Expanding Geographic Reach

Columbia Banking System, Inc. (52) American Marine Bank (11) Columbia River Bank (21)

4

Overview

FDIC-Assisted Transaction:

Approximately $350 million in assets Approximately $270 million in deposits Approximately 84% core deposits Credit loss protection by the FDIC

$258 million of loans and real estate assets covered FDIC assumes 80% of the first $66 million of losses FDIC assumes 95% of losses above $66 million

No holding company assets or liabilities acquired

Approvals:

All regulatory approvals received Advisor: Keefe, Bruyette & Woods

5

Strategic Rationale

Expands Columbia Banking System’s deposit franchise

Acquisition adds approximately $270 million of deposits and 10 branches in Western Puget Sound area plus 1 branch in Seattle

Opportunity to reprice higher cost funds

Core deposits provide additional liquidity

Anticipate significant cost saves (approximately 25-30%)

Financially compelling for shareholders

Minimal credit exposure with low risk-weighting applied to acquired assets

Meets all internal financial hurdles for IRR and earnings accretion with conservative assumptions

Utilizes small portion of excess capital

6

Expanded Deposit Franchise

Moves Columbia into top ten deposit market share in Washington

Washington: 60 branches; 6 in the greater Seattle area

Washington

Total Total

Number Deposits in Market

2009 of Market Share

Rank Institution (ST) Type Branches($000)(%)

1 Bank of America Corp. (NC) Bank 239 22,930,816 20.23

2 KeyCorp (OH) Bank 154 9,717,304 8.57

3 JPMorgan Chase & Co. (NY) Bank 189 9,671,136 8.53

4 Wells Fargo & Co. (CA) Bank 159 9,632,965 8.50

5 U.S. Bancorp (MN) Bank 186 9,556,409 8.43

6 Washington Federal Inc. (WA) Thrift 75 4,791,363 4.23

7 Sterling Financial Corp. (WA) Bank 70 4,666,735 4.12

8 Frontier Financial Corp. (WA) Bank 47 3,102,541 2.74

9 Banner Corp. (WA) Bank 66 2,976,945 2.63

Pro Forma Company 60 2,762,877 2.44

10 W.T.B. Financial Corp. (WA) Bank 25 2,576,425 2.27

11 Columbia Banking System Inc. (WA) Bank 42 2,188,696 1.93

12 HomeStreet Inc. (WA) Savings BHC 15 1,692,851 1.49

13 Yakima FS&LA (WA) Savings Inst 10 1,226,540 1.08

14 City Bank (WA) Bank 8 1,094,151 0.97

15 Peoples Bancorp (WA) Bank HC 27 1,053,698 0.93

16 Cascade Financial Corp. (WA) Bank 22 1,002,348 0.88

17 AmericanWest Bancorp. (WA) Bank 32 950,059 0.84

18 First Financial Northwest Inc (WA) Thrift 1 946,014 0.83

19 First Citizens BancShares Inc. (NC) Bank 21 942,191 0.83

20 Cashmere Valley Financial Corp (WA) Bank 10 935,455 0.83

21 Heritage Financial Corp. (WA) Bank 21 850,504 0.75

22 Olympic Bancorp Inc. (WA) Bank HC 26 795,803 0.70

23 Washington Banking Co. (WA) Bank 18 787,423 0.69

24 First Independnt Invts Grp Inc (WA) Bank HC 19 771,446 0.68

25 Seattle Financial Group Inc. (WA) Thrift HC 5 673,184 0.59

48 AMB Financial Services Corp. (WA) Bank HC 11 317,264 0.28

60 Columbia Bancorp (OR) Bank 7 180,336 0.16

Other Instituitions in Market (85) 409 17,303,099 15.30

Total For Institutions In Market 1,914 113,333,701 100.00

7 Source: FDIC as of June 30, 2009

Integration Has Already Begun

Like the Columbia River transaction, we anticipate American Marine will be a seamless transition

Open for business as usual

COLB representatives in each branch

Columbia Banking System management has formed a dedicated team to lead the integration process both:

Branch Integration

Credit risk management

8

American Marine’s Deposit Mix Q3 2009

Total Deposits: $270* Million

CDs > $100K 13.7%

CDs < $100K

20.6%

Savings

7.6%

Transaction Accts 58.0%

Transaction Accts include: Demand, NOW & Other Trans., and MMDAs. Source: Call Report as of 9/30/09. *Total deposits less brokered deposits as of 9/30/09 and deposit runoff.

9

American Marine’s Loan Portfolio Q3 2009

Total Loan Portfolio: $258 Million

C&I Consumer 9.4% 2.3%

Multifamily RE 1.2%

Constr. & LD

22.8%

CRE

22.5%

1-4 Family RE

41.7%

10 Source: Call Report as of 9/30/09

Transaction Structure

$ in millions

Loans Acquired $264

Other Assets 105

Total Assets Acquired 370

Deposits Assumed 291

Other Liabilities 50

Net Acquired Assets 29

Estimated Cash Received from FDIC 3

Source: Call Report as of 9/30/09

Other Assets exclude $2 million of Deferred Tax Assets and $8 million in Life Insurance Assets; Deposits exclude $18 million in Cede & Co deposits not transferred

11

Pro Forma Capital Ratios*

Columbia River

+American Marine

COLB Actual Pro Forma*

9/30/2009 9/30/2009

Leverage Capital Ratio 14.79% 10.16%

Tier 1 Risk Based Capital Ratio 17.78 15.69

Total Risk Based Capital Ratio 19.06 16.97

Tangible Common Equity / Tangible Assets 11.52 7.95

Tangible Equity / Tangible Assets 13.93 9.64

12 *Pro Forma capital ratios include estimated fair market value adjustments and are subject to change

Enhances Columbia Banking System

• Expands company footprint

• Adds core deposits

• Improves efficiency

• Enlarges customer base

13