POWER OF ATTORNEY

                  Know all by these presents, that the undersigned, Richard C.
Williams, hereby constitutes and appoints each of Thaddeus (Ted) R. Winnowski
and Michael J. Nysingh, signing singly, the undersigned's true and lawful
attorney-in-fact to:

                  1. Execute for and on behalf of the undersigned, in the
undersigned's capacity as an officer and/or director of Centennial Bancorp, an
Oregon Corporation (the "Company"), Forms 10-K, 10-Q and/or 8-K, and any
amendments thereto, in accordance with Section 13 or 15(d) of the Securities
Exchange Act of 1934 and the rules and regulations thereunder.

                  2. Do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete and execute any such
Form 10-K, 10-Q or 8-K, and any amendments thereto, and timely file such forms
and amendments with the United States Securities and Exchange Commission and any
stock exchange or similar authority.

                  3. Take any other action of any type whatsoever in connection
with the foregoing which, in the opinion of such attorney-in-fact, may be of
benefit to, in the best interest of, or legally required by, the undersigned, it
being understood that the documents executed by such attorney-in-fact on behalf
of the undersigned pursuant to this Power of Attorney shall be in such form and
shall contain such terms and conditions as such attorney-in-fact may approve in
such attorney-in-fact's discretion.

                  The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and thing
whatsoever requisite, necessary or proper to be done in the exercise of any of
the rights and powers herein granted, as fully to all intents and purposes and
the undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall
lawfully do or cause to be done by virtue of this power of attorney and the
rights and powers herein granted. The undersigned acknowledges that the
foregoing attorneys-in-fact are serving in such capacity at the request of the
undersigned.

                  The undersigned agrees that each such attorney-in-fact herein
may rely entirely on information furnished orally or in writing by the
undersigned to such attorney-in-fact. The undersigned also agrees to indemnify
and hold harmless the Company and each such attorney-in-fact against any losses,
claims, damages or liabilities (or actions in these respects) that arise out of
or are based upon any untrue statement or omission of necessary facts in the
information provided by the undersigned to such attorney-in-fact for purposes of
executing, acknowledging, delivering or filing Forms 10-K, 10-Q and 8-K
(including amendments thereto) and agrees to reimburse the Company and such
attorney-in-fact for any legal or other expenses reasonably incurred in
connection with investigating or defending against any such loss, claim, damage,
liability or action.
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                  This Power of Attorney shall remain in full force and effect
until the undersigned is no longer required to sign Forms 10-K, 10-Q and 8-K,
and amendments thereto, on behalf of the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

                  IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed as of this 4th day of March, 1998.



                                               /s/ Richard C. Williams
                                               ------------------------
                                                Richard C. Williams