8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                             ----------------------

                                    FORM 8-K

                                 CURRENT REPORT

                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934


                Date of Report (Date of earliest event reported):

                                January 31, 2000
                                ----------------

                               CENTENNIAL BANCORP
             (Exact name of registrant as specified in its charter)


                                     Oregon
                 (State or other jurisdiction of incorporation)

                                     0-10489
                              (Commission File No.)


                                   93-0792841
                        (IRS Employer Identification No.)

          Benjamin Franklin Plaza
          One S.W. Columbia Street, Suite 900
          Portland,  Oregon                                     97258
(Address of principal executive offices)                      (Zip Code)



              Registrant's telephone number, including area code:

                                 (503) 973-5556



Item 5.     Other Events.

      Centennial Bancorp (the "Company") (NASDAQ: CEBC) announced that its Board
of Directors has adopted a stock repurchase program authorizing the Company to
repurchase up to 5% of its outstanding shares over the next two years.

      For further information with respect to the stock repurchase program,
please see Exhibit 99.1 filed herewith.

Item 7.     Financial Statements and Exhibits

   (c) Exhibits

            99.1  Press Release dated January 31, 2000 announcing Centennial
                  Bancorp's stock repurchase program.




                                   SIGNATURES

            Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             Centennial Bancorp

Date: February 3, 2000.                      By:  /s/ Michael J. Nysingh
                                                  ----------------------
                                                  Michael J. Nysingh
                                                  Chief Financial Officer

EX-99.1

EXHIBIT 99.1

                            CENTENNIAL BANCORP [LOGO]

January 31, 2000

NEWS RELEASE                                                  CENTENNIAL BANCORP
                                                              NASDAQ:  CEBC
FOR IMMEDIATE RELEASE

CONTACT:  Richard C. Williams, President & Chief Executive Officer, Centennial
          Bancorp (541) 342-3970
          Ted R. Winnowski, President & Chief Executive Officer, Centennial Bank
          (503) 973-5556

CENTENNIAL BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM
- -----------------------------------------------------

(Portland,  OR) Centennial  Bancorp (the Company) (NASDAQ:  CEBC) announced that
its Board of Directors has adopted a stock  repurchase  program  authorizing the
Company  to  repurchase  up to 5% of its  outstanding  shares  over the next two
years. The Company currently has 19,645,931 shares outstanding, after adjustment
for a recently announced 11-for-10 (10%) stock split, effective March 3, 2000 to
shareholders of record on February 11, 2000.

Under the repurchase  program,  the Company expects to purchase shares from time
to time in the open market,  depending on market price and other considerations.
The shares will be held as authorized but unissued shares.

"The Board is of the opinion that the markets have  undervalued  the stock price
of small banks in general, and Centennial in particular.  The repurchase program
gives us the  chance  to  purchase  a  portion  of our  shares at a time when we
believe our best investment  opportunity is an investment in Centennial  stock,"
said  Richard  Williams,  Centennial  Bancorp's  President  and Chief  Executive
Officer.

Centennial Bancorp is an Oregon chartered bank holding company, headquartered in
Portland,  with Centennial Bank and Centennial  Mortgage Co. as its wholly owned
subsidiaries.  Centennial Bank operates eighteen banking offices:  eleven in the
Portland  Metropolitan  area (including one in Vancouver,  Washington),  four in
Eugene,  and  one in each of  Springfield,  Cottage  Grove  and  Salem,  Oregon.
Centennial  Mortgage  Co. is engaged  in  mortgage  banking  and  operates  five
offices: two in Eugene, and one office in each of Lake Oswego, Clackamas and the
Tanasbourne area of Beaverton.

THIS  PRESS  RELEASE  CONTAINS  CERTAIN  FORWARD-LOOKING  STATEMENTS  WITHIN THE
MEANING OF THE PRIVATE  SECURITIES  LITIGATION  REFORM ACT OF 1995 (THE  "ACT"),
WHICH  CAN BE  IDENTIFIED  BY  WORDS  SUCH AS  "MAY,"  "EXPECTS,"  "ANTICIPATE,"
"ESTIMATE,"   "CONTINUE"  OR  COMPARABLE  WORDS.  ALL  STATEMENTS  THAT  ADDRESS
ACTIVITIES  THAT THE  COMPANY  EXPECTS OR  ANTICIPATES  WILL OR MAY OCCUR IN THE
FUTURE ARE  FORWARD-LOOKING  STATEMENTS.  THE  COMPANY  CAUTIONS  INVESTORS  AND
PROSPECTIVE  INVESTORS THAT SIGNIFICANT  FACTORS MAY AFFECT THE COMPANY'S ACTUAL
RESULTS AND CAUSE THEM TO DIFFER MATERIALLY FROM THE RESULTS  ANTICIPATED IN ANY
SUCH FORWARD-LOOKING STATEMENTS. INVESTORS AND PROSPECTIVE INVESTORS SHOULD READ
THIS PRESS RELEASE IN  CONJUNCTION  WITH THE COMPANY'S MOST RECENT FORM 10-K AND
FORMS 10-Q.