Item 1.02. Termination of a Material Definitive Agreement.

On June 23, 2009, CoBiz Financial Inc. (the "Company") terminated a Revolving Credit Agreement (the "Agreement") with U.S. Bank National Association, effective immediately. The Agreement, originally dated August 2, 2007, provided the Company with an unsecured 1-year $30.0 million variable-rate revolving line of credit. The Agreement was subsequently amended to, among other things, renew and extend the expiration date of the line of credit.

The Agreement was terminated at the request of the Company prior to its expiration on July 30, 2009. There was no amount drawn on the line of credit at the time of the termination and the last paydown of the line occurred on December 19, 2008.

The decision to terminate the Agreement was based on Management's conclusion that the Company did not rely on the line to provide additional liquidity and savings could be achieved by avoiding additional commitment fees to maintain the unused line. There was no premium or penalty assessed to the Company for the early termination.