PRESS RELEASE
June 24, 2004

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Joseph Beaulieu, Senior Vice President, Marketing
(360) 459 -1100
(360) 459 - 0137 (fax)

VENTURE BANK TO SELL SEVEN BRANCHES

Latest Move in Venture’s Strategic Plan for Focused Growth

Olympia, Wash., June 24, 2004 - Publicly-held Venture Financial Group, Inc., parent company of Venture Bank (www.venture-bank.com), today announced the Bank has signed an agreement to sell seven (7) branches in three counties to Timberland Bank (www.timberlandbank.com), as part of Venture’s strategic plan for focused growth along the interstate corridor.

 

Terms of the purchase and assumption agreement call for the sale of Venture Bank branches in Toledo and Winlock, in Lewis County; Elma, Montesano, Hoquiam and Aberdeen, in Grays Harbor County; and the Panorama City branch in Olympia, in a single transaction.

 

The sale, approved by the Bank’s Board of Directors, is subject to customary regulatory approval, and is anticipated to close in early Fall, 2004.

 

“We expect current employees at these branches to retain their jobs with Timberland Bank,” said Ken F. Parsons, Sr., Chairman, President and CEO of Venture Financial Group, Inc. “While the sale will have a positive impact on the company’s overall financial picture, its primary importance is strategic. We want to continue the record annual revenues and profits we’ve enjoyed for several years. Focusing growth along the more densely populated, heavily transited interstate corridor is an important part of our plans,” Parsons added.

 

The sale closely follows Venture Bank’s purchase of a site for its first King County branch, in Kent, scheduled to open later this year. The Bank also recently announced plans to build a new, 50,000 square foot administrative headquarters at DuPont Station in Pierce County. All this activity is rooted in Venture Bank’s strategic plan.

 

Venture Financial Group Shareholders will benefit from an estimated $4,000,000 gain net of tax and the reduction of previously acquired goodwill.

 

 “These developments and more to follow will allow us to remain as independent as our customers. We intend to keep and expand the strong business and civic relationships we’ve developed over the years, and to make new ones that will enhance our ability to serve customers in the future,” said Jon M. Jones, President of Venture Bank.

 

Change has been a fundamental part of the Bank’s success since it was founded in 1979 as Lacey Bank. Renamed First Community Bank in 1981, it became Venture Bank in 2003. It offers a full spectrum of financial services, including commercial, construction, residential and consumer lending, deposit products, online banking and bill pay, and investment services through its wholly owned subsidiary, Venture Wealth Management, Inc.

 

Further information about the bank may be found on the Internet at  www.venture-bank.com.

 

Forward-Looking Statements: This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Such statements are subject to risks and uncertainties. Actual results could differ materially from those discussed in the press release as a result of risk factors including those identified in the Form 10-K Annual Report for December 31, 2003 filed by Venture Financial Group, Inc. with the SEC. Specific risks in the press release include the final purchase price and net benefit to Venture shareholders, the timing and final completion of the sale, the retention of employees by Timberland, the continuation of record revenues and profits, the opening of our King County branch, and the ability to maintain strong business and civic relationships.

 

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