October 10, 2008

Cochran takes helm at CRB
Bank veteran replaces president, CEO

     Columbia Bancorp announced Wednesday that Terry L. Cochran has been appointed president and chief executive officer (CEO) of Columbia River Bank and Columbia Bancorp.
     The bank has seen a sharp drop in earnings over the past year, and responded by suspending director salaries and reducing its CEO’s salary in July, closing its mortgage division and selling its credit card portfolio.
     The bancorp operates 22 banks in rural Oregon. The corporation’s stock prices have dropped sharply in the last year, from a high of $19.75 per share to a low of $3.05. This morning’s NASDAQ listed trading at $4.11.
     Columbia River is also a creditor of Lake Oswego-based Renaissance Custom Homes, which filed for bankruptcy two weeks ago. The bank has a share in $77 million owed to four regional banks.
     Cochran is a former president, chief executive and director of Columbia Bancorp and Columbia River Bank, serving the bank from 1981 until 2001. He is a 42-year banking professional. He is a former president of the Oregon Bankers Association (OBA), and was inducted into the OBA Hall of Fame in 2001.      Cochran’s base salary will be $195,000 per year.
     He succeeds Roger Christensen as CEO, who resigned for personal reasons.      He also replaces Craig Ortega as president. Ortega will remain an executive officer at Columbia River Bank and continue as an integral member of the organization.
     Christensen’s salary for 2007 was $255,000. Cochran’s office will be based in The Dalles, according to the Oregon Business Journal.
     “The combination of Terry’s remarkable banking career and deep experience in our markets and organization puts Columbia River Bank in an excellent position as we continue our mission to be the finest bank in the Pacific Northwest,” said the bancorp’s Chairman of the Board Rich Betz.