Washington Banking files shelf registration

Washington Banking files shelf registration to sell up to $75 million of stocks and securities

• On 3:46 pm EDT, Friday September 4, 2009

OAK HARBOR, Wash. (AP) -- Washington Banking Co. said Friday it has filed a shelf registration statement with federal regulators to sell up to $75 million worth of stocks or other stock-related securities.

The parent of Whidbey Island Bank said the statement has been filed with the Securities and Exchange Commission but is not yet effective. It would allow the company to sell the stocks and securities over a three-year period.

"The shelf registration ... affords the opportunity to potentially move quickly into the capital markets should an opportunity for expansion become available over the next few years," Jack Wagner, president and CEO, said in a statement.

Washington Banking already has common stock listed on the Nasdaq. As of Dec. 31 last year, the company had 9.5 million shares outstanding.

Shares of Washington Banking gained 6 cents to $9.61 in afternoon trading.