Item 8.01. Other Events

On November 4, 2008, the Board of Directors of CoBiz Financial Inc. (the "Company"), authorized management to undertake the steps necessary to participate in the U.S. Department of the Treasury's TARP Capital Purchase Program (CPP). Under the CPP, participating banking institutions will sell preferred stock and issue stock warrants to the U.S. Treasury. The CPP was created by the U.S. Treasury under authority provided in the Emergency Economic Stabilization Act of 2008 in order to restore stability and the availability of credit in the U.S. financial system.

Management believes participation in the program will benefit the Company and its shareholders. Management expects that upon submission of a timely and orderly application to the U.S. Treasury the Company will be granted preliminary approval to participate in the program. Applications must be received by the Federal Reserve no later than 5:00 p.m. (EST) on November 14, 2008.

Upon preliminary approval, the Company will proceed to submit the required documentation and take other prescribed actions to complete the process. In its initial application to participate in the CPP, the Company will propose to sell the maximum amount of preferred stock allowed under the program to the U.S. Treasury, 3% of its risk-weighted assets. The Company is currently authorized to issue up to 2,000,000 shares of cumulative preferred stock, none of which are outstanding as of the date of this filing.

Details of the CPP can be found on the U.S. Treasury's website at http://www.treasury.gov.

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