TACOMA, Wash., Feb. 21, 2017 /PRNewswire/ -- Columbia
Banking System (NASDAQ: COLB) ("Columbia") is saddened to announce today that
its President and Chief Executive Officer, Melanie J. Dressel, died suddenly late
Sunday.
William Weyerhaeuser, Chairman of
the Board of Columbia, said, "It
is with great sadness that I announce the passing of my friend and
colleague Melanie Dressel. Melanie
had served as our Chief Executive Officer since 2003, and was also
a member of our Board of Directors. Under her tireless
leadership, Columbia grew to be
widely recognized as one of the best regional community banks in
the country, and has been continually acknowledged as one of the
best workplaces in the Northwest.
Melanie has made an indelible mark on who we are today and we
will keep her legacy of great service, personal relationships and
outstanding stewardship alive and well. Another hallmark of
her leadership was building a great and deep bench of senior
management to ensure that our guiding principles will remain intact
and that our vision to build an unparalleled banking franchise will
continue."
The Board of Directors expects to make further announcements
regarding the plan for succession in the coming
days.
Melanie J. Dressel, age 64,
served as chief executive officer since February 2003 and also as its President since
2000. Ms. Dressel was part of the original team that founded
Columbia Bank in 1993 and helped to create a distinct style of
banking based on community ties and community involvement. Under
her leadership, the Bank grew from one branch to over 140 in
Washington, Oregon and Idaho. Ms. Dressel had been
the Chairman of the Board for Puget Sound Energy Inc. and
Puget Energy Inc. since January 2015.
She served as a Director of the American Bankers Association and as
a board member of the Executive Council for a Greater Tacoma, The Washington Bankers
Association, Washington Roundtable, the Arts Fund and the
Washington State Historical
Society among many other organizations. She has been named as
one of the 25 Most Powerful Women in Banking by American Banker
Magazine seven times.
Ms. Dressel is survived by her husband, Robert Dressel, her son Robert Dressel III and his wife Kara, her son
Brent Dressel and his wife Sophia,
and her two grandchildren.
Investor contact:
Clint E. Stein
Executive Vice President and Chief Financial Officer
(253) 305-1921
Media contact:
Moira Conlon
Financial Profiles
(310) 622-8220
About Columbia
Headquartered in Tacoma,
Washington, Columbia Banking System, Inc. is the holding
company of Columbia Bank, a Washington
state-chartered full-service commercial bank, with locations
throughout Washington,
Oregon and Idaho. For the tenth consecutive year, the
bank was named in 2016 as one of Puget Sound Business
Journal's "Washington's Best
Workplaces." Columbia ranked in
the top 20 on the 2016 Forbes list of best banks in the
country for the fifth year in a row.
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 could significantly
reduce net interest income 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 forwardlooking 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.
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SOURCE Columbia Banking System