Columbia Banking System Declares Special Cash Dividend of $0.29/Share

Columbia Banking System, Inc.

announced that a quarterly cash dividend of $0.08 per common share will be paid on February 22, 2012 to shareholders of record as of the close of business on February 8, 2012. In addition, the Board of Directors declared a special cash dividend of $0.29 per common share, which will also be paid on February 22, 2012 to shareholders of record as of the close of business on February 8, 2012. Melanie Dressel, President and Chief Executive Officer noted, "As always, our ongoing commitment is to actively manage our capital position. In light of our strong fourth quarter earnings and strong capital levels, we are very pleased to pay a special cash dividend. Along with our regular dividend, this constitutes a full payout of earnings for the quarter."