In January, the Pacific Northwest Bancorp board of directors authorized the purchase of up to five percent of its outstanding shares of common stock in the open market over the next 12 months.

“The Board of Directors believes that our stock represents a good investment opportunity. The share re-purchases will provide good use of capital and increase the returns for our shareholders,” said Patrick M. Fahey, president and chief executive officer. As of Dec. 31, 2002, there were about 16.8 million shares of Pacific Northwest Bancorp common stock outstanding.

The Board also announced that a cash dividend of 14 cents per share will be paid on April 10, to shareholders of record as of Mar. 14. Pacific Northwest Bancorp has consistently paid cash dividends since going public in July of 1991.