Centennial Bancorp Announces Chief Financial Officer

Business Wire, April 20, 2001

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--April 20, 2001

Centennial Bancorp (Nasdaq:CEBC) has announced the appointment of Neal T. McLaughlin to the position of Executive Vice President and Chief Financial Officer for Centennial Bank and Centennial Bancorp. His appointment is effective May 1.

Mr. McLaughlin will join Centennial Bank's executive management team and head the newly formed Financial Administration Division at Centennial's corporate headquarters in the Portland business district. Michael J. Nysingh will continue in his role as Senior Vice President and Cashier in Eugene, overseeing the bank's daily financial operations and funds management.

Mr. McLaughlin, a Certified Public Accountant, comes to Centennial Bank from Columbia Bancorp in The Dalles, Oregon, where he most recently held similar responsibilities and title. His banking career spans eight years in various positions of increasing responsibility at Columbia Bancorp, including Loan Officer, Financial Officer and Controller.

He will oversee both Centennial Bank and Centennial Bancorp financial activities, and direct all activities of Centennial's financial division to include financial administration, controller activities, treasury management, investor relations and strategic planning. Mr. McLaughlin will report directly to Ted R. Winnowski, President and Chief Executive Officer of Centennial Bancorp and Centennial Bank.

"Centennial Bank is very excited to have a financial executive with Neal's local, community-based financial background and experience," Mr. Winnowski said. "He will lend financial and strategic leadership as we continue to grow rapidly. He will be a valuable member of our executive team as we become a more integrated financial services company in the future."

In addition to his new responsibilities and duties at Centennial Bank, Mr. McLaughlin will be highly active in the Portland community. He has been an active member of the Oregon Bankers Association (OBA), serving as Chairman of the OBA Financial Officers and Investment Committee.

About Centennial Bancorp

Centennial Bancorp is a bank holding company organized in 1981, whose prinicipal subsidiary is Centennial Bank. Both have headquarters in Portland. Centennial Bank is focused on business banking and operates twenty-one banking offices: twelve in the Portland area, two in Vancouver, Washington, one in Salem and six in Lane County. Centennial Bancorp also operates Centennial Mortgage, which is engaged in residential mortgage banking. Centennial Mortgage has five offices located in Portland, Salem and Eugene. As of March 31, 2001, Centennial Bancorp's assets were $857 million.

Centennial Bancorp's common stock is traded on the NASDAQ National Market under the symbol "CEBC." For more information, please contact Centennial Bancorp, 1 SW Columbia Street, Suite 900, Portland, Oregon 97258. Telephone: 503/973-5556. FAX: 503/973-5557. Web: www.centennialbank.com.