Washington Banking Co. Expands Board, Welcomes New Directors
OAK HARBOR, Wash., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Washington Banking
Company (Nasdaq:WBCO), announced today that it elected two directors to serve
on its Board of Directors. Rhoda Altom and Deborah Gavin, the newly-elected
directors, were also elected to serve on the board of Whidbey Island Bank, the
Company's wholly-owned subsidiary.
"We are very fortunate to have Rhoda and Debbie joining our Board," stated
Tony Pickering, Chairman of the Board for Washington Banking Company."The
depth of their financial expertise and broad business experiences will be
great additions to the boardroom perspective." Pickering advised that Gavin
was appointed to the Company's Audit and Compensation Committees, while Altom
was appointed to the Audit Committee and Corporate Governance Committee.
Rhoda Altom is a real estate investor and manager and has been the President
and Managing Member of Milestone Properties and Milestone Managers since 1984.
Milestone specializes in the acquisition and property management of
commercial, retail, apartment, and land projects which are held in
partnerships to own and operate properties in the Puget Sound area. Altom was
the Facilities Manager for King Broadcasting Company for four years, and
served as a Project Manager for Wright Runstad and Company and also for Howard
S. Wright Construction Co.
A resident of Seattle, Ms. Altom holds a BS degree in Engineering -
Construction Management from Washington State University and an Executive
Masters in Business Administration from the University of Washington. She is a
founder and trustee of several philanthropic associations, including the YWCA
Endowment Guild, Washington Women's Foundation, and Pediatric Brain Tumor
Research Fund & PBTRF Guild at Children's Hospital. Altom received an Alumni
Achievement Award from WSU in 2009.
Deborah Gavin was employed by the Boeing Company for over 20 years and retired
from the position of Vice President of Finance and Controller in 2010. Gavin
served as an Undergraduate and Graduate Adjunct Accounting Faculty with City
University, Seattle and was a Management Consultant for Deloitte. Prior to her
employment with Boeing, Ms. Gavin was a Special Agent with the US Department
Ms. Gavin is a Certified Public Accountant in the State of Washington. She
holds a Bachelor of Science degree in Business from the State University of
New York College at Buffalo and an MBA in Finance from Seattle University.
Gavin is currently a board member of the Washington Business Alliance. A
resident of North Bend WA, Gavin volunteers as an Alpine Patroller for the
National Ski Patrol at Snoqualmie Pass.
ABOUT WASHINGTON BANKING COMPANY
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. With
its two FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently
operates 31 full-service branches located in six 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.
CONTACT: Jack Wagner - WBCO President & CEO
Bryan McDonald - WIB President & CEO
Rick Shields - EVP & CFO
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