August 14, 2008

Approval of proposal by C-B-G, Inc.

For immediate release

The Federal Reserve Board on Thursday announced its approval of the proposal by C-B-G, Inc., West Liberty, Iowa, to acquire additional voting shares sufficient to increase its holdings to more than 50 percent of Washington Bancorp ("Washington") and thereby increase its indirect ownership interest in Washington's subsidiary bank, Federation Bank, both of Washington, Iowa.

Attached is the Board's Order relating to this action.

Last Update: August 14, 2008