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                           2001 EMPLOYMENT AGREEMENT

                      Columbia Bancorp - Roger Christensen

        This Employment Agreement (the "Agreement") is made and entered into
this 25th day of January, 2001 by and between Columbia Bancorp, an Oregon
corporation and bank holding company ("Bancorp") and Roger Christensen
("Employee").

                                    RECITALS

        (1)     Bancorp is an Oregon corporation and is the holding company of
Columbia River Bank, a state-chartered Oregon financial institution. Bancorp's
principal office is at 420 East Third Street, Suite 200, The Dalles, Oregon
97058.

        (2)     Bancorp desires to employ Employee as an officer of Bancorp and
of its subsidiary Columbia River Bank (the "Bank") on the terms and conditions
set forth herein.

        Now, therefore, it is agreed:

        1.      RELATIONSHIP AND DUTIES.

        1.1     EMPLOYMENT AND TITLE. Bancorp shall employ Employee as an
officer of Bancorp with the title of President and Chief Executive Officer of
Columbia Bancorp and Chief Executive Officer of Columbia River Bank. Subject to
the terms and conditions hereof, employee shall perform such duties and exercise
such authority as are customarily performed and exercised by persons holding
such office, subject to the general direction of the Boards of Directors of
Bancorp and the Bank. Such services and duties shall be exercised in good faith
and in accordance with standards of reasonable business judgment. As used
herein, references to "Bancorp" shall be deemed to also refer to and include the
Bank where the context requires.

        1.2     DUTIES; CONFLICTS. Employee shall devote his full time,
attention and efforts to the diligent performance of his duties as an officer of
Bancorp. Employee will not accept employment with any other individual,
corporation, partnership, governmental authority or any other entity, or engage
in any other venture for profit which Bancorp, or any subsidiary, parent, sister
or affiliated corporation of Bancorp, considers to be in conflict with their
best interests or to be in competition with their business, or which may
interfere in any way with Employee's performance of his duties hereunder.

        1.3     SERVICE ON OTHER COMPANY BOARDS. Nothing in the Agreement shall
prohibit Employee from serving on the board of directors of any profit or
non-profit corporation not in direct competition with Bancorp or with any other
subsidiary, parent, sister or affiliated corporation of Bancorp. In addition,
Employee may own stock in any

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other corporation whether or not the stock is publicly traded; provided, that if
such corporation operates a business in competition with Bancorp Employee may
not own more than five percent (5%) of the outstanding shares of such
corporation.

        2.      TERM OF EMPLOYMENT.

        2.1     TERM. The term of employment under the Agreement shall begin on
                May 15, 2001 and end on March 31, 2003.

        2.2     EXTENSIONS. Employee's term of employment under the Agreement
may be extended for successive one-year terms beyond the initial term of the
Agreement specified in Section 2.1, subject to the mutual agreement of the
parties. The parties shall reach mutual agreement concerning such extensions on
or before a date which is no less than one year prior to the date of expiration
of Employee's term of employment under the Agreement, including any extensions
thereof.

        3.      TERMINATION.

        3.1     DEFINITION. As used in the Agreement, "termination" shall mean
the termination of Employee's employment relation with Bancorp, whether
initiated by Bancorp or by Employee, and whether for cause or without cause.

        3.2     TERMINATION EVENTS. Notwithstanding any other provisions of the
Agreement, the employment of Employee shall terminate immediately on the earlier
to occur of any of the following:

                3.2.1   Employee's death;

                3.2.2   Employee's complete disability. "Complete disability" as
used herein shall mean the inability of Employee, due to illness, accident, or
other physical or mental incapacity, to perform the services required under the
Agreement for an aggregate of ninety (90) days within any period of 180
consecutive days during the term hereof; provided, however, that disability
shall not constitute a basis for discharge for cause;

                3.2.3   The discharge of Employee by Bancorp for cause. "Cause"
as used herein shall mean (i) Employee's negligence or misconduct as shall
constitute, as a matter of law, a breach of the covenants and obligations of
Employee hereunder; (ii) failure or refusal of Employee to comply with the
provisions of the Agreement; (iii) Employee's conviction by any duly constituted
court with competent jurisdiction of a crime (other than traffic offenses); (iv)
Employee's malfeasance or incompetence, provided that in applying this criteria
Bancorp shall not be unreasonable or arbitrary, and provided further that prior
to effecting a dismissal under this Section (iv) Bancorp shall afford Employee
with fair and reasonable warning and with a fair and reasonable opportunity to
cure any defects in Employee's performance.

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        3.3     TERMINATION BY EMPLOYEE. Employee may terminate his employment
with Bancorp with or without cause by giving thirty (30) days written notice of
termination. "Cause" as used herein shall include Bancorp's failure or refusal
to comply with the provisions of the Agreement.

        3.4     EFFECT OF TERMINATION. The termination of Employee's employment
shall constitute a tender by Employee of his resignation as an officer of
Bancorp, and as a member of any board of directors or board committees of
Bancorp or its affiliates if Employee is a member thereof at the time of
termination.

        3.5     PAYMENT ON TERMINATION. If Employee's employment is terminated
by Employee with or without cause, or by Bancorp with or without cause, Employee
shall be paid all base salary and benefits accrued under the Agreement as of the
termination date.

        3.6     SEVERANCE PAYMENT. If Employee's employment is terminated by
Employee with cause, or by Bancorp without cause, Employee shall be paid all
base salary and benefits accrued under the Agreement as of the termination date,
and in addition, shall be entitled to a severance payment equal to the greater
of (i) one month's base salary as of the date of termination multiplied by the
number of full calendar years Employee has been employed by Bancorp or any
predecessor thereof, or (ii) one month's base salary as of the date of
termination multiplied by twelve (12). For purposes of Section 3.6(i) a period
of continuous full-time employment for six months or more in a calendar year
shall count as a full calendar year. If for any period Employee has been
employed simultaneously by Bancorp and by one or more of its affiliates, such
period shall count only once in determined the severance payment under Section
3.6(i). The severance payment provided herein shall be paid in full within
thirty (30) days of the date of Employee's termination. Employee shall not be
entitled to such severance payment if Employee's employment is terminated by
Bancorp with cause, or by Employee without cause, and in either such case
Employee shall only be entitled to receive on termination a payment equal to
Employee's base salary and benefits accrued under the Agreement as of the
termination date, and no other payments.

        3.7     PERFORMANCE BONUS. If Employee's employment is terminated by
Employee with cause, or by Bancorp without cause, Employee shall be paid, in
addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i)
all nonforfeitable deferred compensation, if any; and (ii) unpaid performance
bonus payments, if any, payable under Section 4.3 of the Agreement, which shall
be declared earned and payable based upon performance up to, and shall be
pro-rated as of, the date of termination. Employee shall not be entitled to such
unpaid performance bonus payments if Employee's employment is terminated by
Bancorp with cause, or by Employee without cause.

        4.      COMPENSATION.

        4.1     BASE SALARY. For the period beginning January 25, 2001 and
ending May 15, 2001, Employee shall be paid an annual base salary of
$102,000.00, payable in equal


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bimonthly installments and subject to any deductions required by law. For the
period beginning May 15, 2001 and ending March 31, 2002, Employee shall be paid
an annual base salary of $125,000.00, payable in equal bimonthly installments
and subject to any deductions required by law.

        4.2     EXTENSIONS. On or before March 1, 2002, Bancorp shall determine
Employee's annual base salary for the period beginning April 1, 2002 through the
remaining term of employment under the Agreement. If Employee's term of
employment under the Agreement has been extended, Bancorp shall determine
Employee's annual base salary for subsequent periods of Employee's employment at
least 30 (thirty) days prior to the date of beginning of any such extended term.

        4.3     PERFORMANCE BONUS. Employee shall be entitled to consideration
for annual performance bonus compensation for each calendar year constituting a
percentage of annual base salary earned from his employment by Bancorp during
such calendar year. Bonus compensation shall be subject to any deductions
required by law. The Bancorp Board shall timely, and at least once yearly,
determine the amount of and the formulas and methods for establishing such bonus
compensation. The amount of such bonus compensation shall at all times be
discretionary, and Bancorp may decline to award a performance bonus to Employee
in any year.

                4.3.1   Employee shall be entitled to a pro-rata performance
bonus for less than a full year of performance if Employee's employment is
terminated by Employee with cause, or by the Bank without cause (including
termination following a change of control as described in Section 7.4 of the
Agreement), prior to the date on which Employee would otherwise be entitled to
consideration for Employee's annual performance bonus. In such circumstances,
such pro-rata performance bonus shall be declared earned and payable as of the
date of termination.

        5.      BENEFITS; PURCHASE OF SHARES.

        5.1     ELIGIBILITY FOR GENERAL BENEFITS. Employee shall be eligible to
participate in any plan of Bancorp or its affiliates relating to stock options,
stock purchases, profit sharing, group life insurance, medical coverage,
education and other retirement or employee benefits that Bancorp or its
affiliates may adopt for the benefit of employees.

        5.2     CAR ALLOWANCE. Employee shall receive a monthly car allowance of
$700.00.

        5.3     ADDITIONAL BENEFITS. Employee shall be eligible to participate
in any other benefits which may be or become applicable to Bancorp's executive
employees of similar rank. In addition, Employee shall be entitled to: (i) a
reasonable expense account for use in connection with Bancorp business; and (ii)
any other benefits which in Bancorp's judgment are commensurate with the
responsibilities and functions to be performed by Employee under the Agreement,
including the payment of reasonable


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expenses for attendance by Employee and Employee's spouse at annual meetings of
the Oregon Bankers Association.

        5.4     SHARE OWNERSHIP. During the term of the Agreement, including
extensions, Employee shall purchase shares of Bancorp Stock, including purchases
through the exercise of stock options, in accordance with the share ownership
policies and requirements established by Bancorp management in effect from time
to time for employees of comparable rank.

        6.      VACATIONS AND LEAVES.

        6.1     PAID VACATION. During the term of the Agreement, Employee shall
be entitled to annual paid vacation benefits identical to those offered to
employees of Bancorp holding executive vice president or higher positions. The
timing of vacations shall be scheduled in a reasonable manner by Employee.
Employee shall not be entitled to receive any additional compensation from
Bancorp on account of his failure to take a vacation, and may not accumulate
unused vacation time from one calendar year to the next.

        6.2     LEAVES WITH OR WITHOUT PAY. The Bancorp Board may grant Employee
a leave or leaves of absence, with or without pay, at such time or times and
upon such terms and conditions as the Board may determine.

        6.3     MANDATORY ABSENCE. In each calendar year Employee shall be
absent from Bancorp for one period of two consecutive weeks. Such period may
include vacation, leave, sick leave, attendance at seminars or conventions, or
any combination thereof.

        7.      CHANGE OF CONTROL.

        7.1     SURVIVAL OF RIGHTS. Employee's rights on termination of
employment under Section 3 of the Agreement, as well as all other rights of
Employee under the Agreement or applicable law, shall survive a change of
control of Bancorp whether or not Employee opposed or favored the change of
control.

        7.2     RIGHTS ON CHANGE OF CONTROL. If a change of control of Bancorp
occurs while the Agreement is in effect, Employee shall have ninety (90) days
following the date such change of control becomes effective to elect to
terminate Employee's employment with cause. If Employee so elects to terminate,
such termination shall constitute a termination by Employee with cause, and
Employee shall receive all payments and benefits due to Employee on termination
by Employee with cause under Section 3 of the Agreement.

        7.3     BASE COMPENSATION. Following a change of control, Bancorp shall
not reduce Employee's base compensation in effect prior to the effective date of
the change

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of control for a period of time equal to the greater of (i) twelve (12) months
from the effective date of the change of control; (ii) one (1) month for each
full calendar year Employee has been employed by Bancorp; or (iii) the remaining
term of the Agreement, including any extensions thereof. For purposes of this
Subsection 7.3, a period of continuous full-time employment for six months or
more in a calendar year shall count as a full calendar year.

        7.4     TERMINATION WITHOUT CAUSE. If following a change of control
Bancorp terminates Employee's employment within one (1) year of the effective
date of the change of control because of a reduction in force or for any other
reason, other than for cause pursuant to Section 3.3 of the Agreement, such
termination shall constitute a termination by Bancorp without cause, and
Employee shall receive all payments and benefits due to Employee on termination
under Sections 3.5 and 3.6 of the Agreement, plus: (i) all nonforfeitable
deferred compensation, if any; and (ii) unpaid performance bonus payments, if
any, payable under Section 4.3 of the Agreement, which shall be declared earned
and payable based upon performance up to, and shall be pro-rated as of, the date
of termination.

        7.5     OPTIONS AND STOCK. If Employee is a participant in a restricted
stock plan or share option plan, and such plan is terminated involuntarily as a
result of the change of control, all stock and options shall be declared fully
vested and shall be paid, awarded or otherwise distributed. With respect to any
unexercised options under any stock option plan, such options may be exercised
within the period provided in such plan. Effective as of the date of the change
of control, any holding period established for stock paid as bonus or other
compensation shall be deemed terminated, except as otherwise provided by law.

        7.6     DEFINITION. As used in this Section, "control" shall mean the
acquisition during Employee's employment of twenty-five percent (25%) or more of
the voting securities of the Bancorp by any person, or persons acting as a group
within the meaning of Section 13(d) of the Securities Exchange Act of 1934, or
to such acquisition of a percentage between ten percent (10%) and twenty-five
percent (25%) if the Board or the Comptroller of the Currency, the FDIC, or the
Federal Reserve Bank have made a determination that such acquisition constitutes
or will constitute control of Bancorp. The term "person" refers to an
individual, corporation, bank, bank holding company, or other entity, but
excludes any Employee Stock Ownership Plan established for the benefit of
employees of Bancorp or any of its subsidiaries or other affiliates.

        8.      POST TERMINATION COVENANTS.

        8.1     NON-COMPETE COVENANTS. If Employee terminates his employment
without cause, or if Employee's employment is terminated by Bancorp for cause,
then for one year from the date of such termination Employee will not, without
the prior written consent of Bancorp:

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                8.1.1   Undertake full or part-time work, either as an employee
or as a consultant, for another financial institution if such work is to be
done, in whole or in part, in or from an office or other work site in Yamhill,
Wasco, Hood River, Jefferson, Deschutes, Sherman or Gilliam Counties, Oregon, in
Klickitat County, Washington, or in any other county in Oregon or Washington in
which Bancorp or any of its affiliates has a place of business at the time of
termination; or

                8.1.2   Hire for any financial institution or other employer
(including himself) any employee of Bancorp or any of its affiliates, or
directly or indirectly cause such an employee to leave his or her employment to
work for another employer, if such employee is to work in or from an office or
other work site in Yamhill, Wasco, Hood River, Jefferson, Deschutes, Sherman or
Gilliam Counties, Oregon, in Klickitat County, Washington, or in any other
county in Oregon or Washington in which Bancorp or any of its affiliates has a
place of business at the time of termination.

        8.2     LIQUIDATED DAMAGES FOR BREACH OF NON-COMPETE COVENANTS; OTHER
REMEDIES. If Employee breaches the covenants of Section 8.1, Employee shall be
liable to Bancorp for liquidated damages equal to the lesser of (i) $18,000, or
(ii) $1,500 multiplied by the number of months (including fractions thereof)
between the date of breach and one year from the date of Employee's termination
of employment. For example, if the date of breach occurs six months after the
date of Employee's termination, liquidated damages shall be $9,000 (6 x $1,500).
The parties agree that Bancorp's actual money damages upon Employee's breach
will be difficult to compute, and further agree that the liquidated damages
formula provided herein reasonably represents Bancorp's actual money damages.
Employee shall pay the liquidated damages required hereunder within ten (10)
days of the date Bancorp makes written demand for such payment. Nothing herein
shall preclude Bancorp from enforcing any other legal or equitable remedies it
may have upon Employee's breach, including injunctive relief. Such other
remedies may be enforced in addition to Bancorp's right to liquidated damages
under this Section.

        8.3     LIMITATION. The covenants in Sections 8.1 and 8.2 do not apply
if Employee terminates his employment for cause, if Employee terminates his
employment for any reason within ninety (90) days after the effective date of a
change of control within the meaning of Section 7 of the Agreement, or if
Employee's employment is terminated by Bancorp without cause.

        8.4     ADDITIONAL COVENANTS. The following provisions shall apply and
be binding on Employee following Employee's termination of employment under all
circumstances, whether termination occurred with cause, without cause, following
illness or disability, because of a change of control, or for any other reason:

                8.4.1   Employee shall fully cooperate in the defense or
prosecution of any litigation arising from or relating to matters about which
Employee has knowledge based on his employment or other work, paid or unpaid,
for Bancorp and its affiliates. To the


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extent allowed by law Employee shall receive reasonable compensation in
connection with his performance under this Section 8.4.1;

                8.4.2   Employee shall at all times keep all confidential and
proprietary information gained from his employment by Bancorp, or from other
previous, present or subsequent paid or unpaid work for Bancorp and its
affiliates, in strictest confidence, and will not disclose or otherwise
disseminate such information to anyone, other than to employees of Bancorp or
its affiliates, except as may be required by law, regulation or subpoena; and

                8.4.3   Employee shall not take or use for any purpose
confidential or proprietary information of Bancorp or its affiliates, including
without limitation customer or potential customer lists and trade secrets.

        8.5     ADVANCEMENT OF EMPLOYEE. Employee acknowledges and agrees that
the Agreement constitutes a bona fide advancement of Employee with the Employer
under ORS 653.295 in several respects, including without limitation an increase
in base salary and benefits.

        9.      MISCELLANEOUS.

        9.1     RECITALS; LAW; AMENDMENTS. Each and every portion of the
Agreement is contractual and not a mere recital, and all recitals shall be
deemed incorporated into the Agreement. The Agreement shall be governed by and
interpreted according to Oregon law and any applicable federal law. The
Agreement may not be amended except by a subsequent written agreement signed by
all parties hereto.

        9.2     ENTIRE AGREEMENT. The Agreement contains the entire
understanding and agreement of the parties with respect to the parties'
relationship, and all prior negotiations, discussions or understandings, oral or
written, are hereby integrated herein. No prior negotiations, discussions or
agreements not contained herein or in such documents shall be binding or
enforceable against the parties.

        9.3     COUNTERPARTS. The Agreement may be signed in several
counterparts. The signature of one party on any counterpart shall bind such
party just as if all parties had signed that counterpart. Each counterpart shall
be considered an original. All counterparts of the Agreement shall together
constitute one original document.

        9.4     SUCCESSORS AND ASSIGNS. All rights and duties of Bancorp under
the Agreement shall be binding on and inure to the benefit of Bancorp's
successors and assigns, including any person or entity which acquires a
controlling interest in Bancorp and any person or entity which acquires all or
substantially all of Bancorp's assets. Bancorp and any such successor or assign
shall be and remain jointly and severally liable to Employee under the
Agreement. Employee may not assign or transfer Employee's rights or interests in
or under the Agreement other than by a will or by the laws of descent


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and distribution. The Agreement shall inure to the benefit of and be enforceable
by Employee's estate or legal representative.

        9.5     WAIVER. Any waiver by any party hereto of any provision of the
Agreement, or of any breach thereof, shall not constitute a waiver of any other
provision or of any other breach. If any provision, paragraph or subparagraph
herein shall be deemed invalid, illegal or unenforceable in any respect, the
validity and enforceability of the remaining provisions, paragraphs and
subparagraphs shall not be affected.

        9.6     ARBITRATION. Any dispute, controversy, claim or difference
concerning or arising from the Agreement or the rights or performance of either
party under the Agreement, including disputes about the interpretation or
construction of the Agreement, shall be settled through binding arbitration in
the State of Oregon and in accordance with the rules of the American Arbitration
Association. A judgment upon the award rendered in such arbitration may be
entered in any court of competent jurisdiction.

        9.7     EMPLOYEE HANDBOOK. Employee agrees to be bound by the terms and
conditions of any employee handbook of Bancorp or its affiliates as may be in
effect from time to time, except that in the event of a conflict between such
employee handbook and the Agreement, the Agreement shall control.

        9.8     CAPTIONS. All captions, titles and headings in the Agreement are
for convenience only, and shall not be construed to limit any term of the
Agreement.

        9.9     DEFINITION. When used herein in reference to a corporation,
"affiliate" shall mean, without limitation, any parent or subsidiary of the
corporation and any entity controlled by the corporation.

        9.10    EXCEPTIONS. The Bancorp Board or the management of Bancorp may,
in its discretion, make exceptions to one or more of the conditions contained in
the Agreement, provided that any such exceptions must be approved in writing.

        9.11    PRIOR CONTRACTS. The Agreement replaces and supersedes all prior
written employment agreements between the parties, specifically including the
Employment Agreement of April 1, 2000.

/s/ Roger C. Christensen
--------------------------------------
Employee

COLUMBIA BANCORP


By: /s/ Terry L. Cochran
    ----------------------------------

Title: President & CEO
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