Crescent Capital offers to acquire Cowlitz Bancorp

By Lisa Kerner

Charlotte, N.C., July 31 - Cowlitz Bancorporation said it received "a wholly unsolicited offer" from Crescent Capital VI, LLC to acquire the company for $15 per share.

"The board of directors has not been considering a sale of the company," Cowlitz president and chief executive officer Richard J. Fitzpatrick said in a company news release.

"Nonetheless, the board will give careful consideration to the proposal. We expect to spend some time considering the offer, as well as the company's strategic plans, future prospects and the board's duty to preserve and enhance shareholder value."

Cowlitz Bancorporation is the holding company of Cowlitz Bank based in Longview, Wash.

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