Cowlitz rejects offer from Crescent Capital; company to repurchase shares

By Lisa Kerner

Charlotte, N.C., Sept. 6 - Cowlitz Bancorporation's board of directors unanimously rejected the unsolicited offer from Crescent Capital VI, LLC in favor of executing management's strategic plan.

On July 27, Crescent offered to purchase all outstanding shares of Cowlitz for $15 per share, a price the board considered "inadequate."

The board also authorized the company to purchase up to 500,000 of its shares in open-market or private transactions as part of a share repurchase plan.

"Following a thorough due diligence process, our board of directors adopted an updated plan designed to further enhance shareholder values," Cowlitz president and chief executive officer Richard J. Fitzpatrick said in a company news release.

"Our team is looking forward to continuing to focus on the growth and profitability of the company, without unnecessary distraction."

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

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