UPDATE: Stifel Nicolaus Initiates Buy, $14 Target on Washington Banking

Stifel Nicolaus initiates coverage on Washington Banking

with a Buy rating and $14 price target as it believes the compbination of the company's footprint expansion adds to the stock's attractiveness. Stifel Nicolaus comments, "Post two FDIC-assisted acquisitions, the company's total deposits are nearly double and the footprint is more diverse and located in higher growth markets. Most of the new commercial lending growth is coming from new presence in Snohomish and Northern King counties." WBCO closed at $11.89 per share on Wednesday.