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<FONT size=2 face="serif">Filed with the Securities and Exchange Commission on July 30, 2004 </FONT></P>
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<FONT size=2 face="serif"> 	Securities Act Registration No. 333- </FONT></P>
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<FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
WASHINGTON, D.C. 20549 </FONT></P>
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<FONT size=2 face="serif">FORM S-8 </FONT></P>
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<FONT size=2 face="serif">REGISTRATION STATEMENT UNDER <br>
THE SECURITIES ACT OF 1933 </FONT></P>
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<B><FONT size=2 face="serif">VENTURE FINANCIAL GROUP, INC. <br>
</FONT></B>
<FONT size=2 face="serif"> (Exact name of registrant as specified in its charter) </FONT></P>
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<B><FONT size=2 face="serif">Washington</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">91-1277503</FONT></B>&nbsp;
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<FONT size=2 face="serif">(State of incorporation)</FONT>&nbsp;
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<FONT size=2 face="serif">(I.R.S. Employer Identification No.)</FONT>&nbsp;
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<B><FONT size=2 face="serif">721 SE College Street, P.O. Box 3800,</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">98509</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">Lacey, Washington</FONT></B>&nbsp;
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<FONT size=2 face="serif">(Zip Code)</FONT>&nbsp;
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<FONT size=2 face="serif">(Address of principal executive offices)</FONT>&nbsp;
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<B><FONT size=2 face="serif">2004 STOCK INCENTIVE PLAN <br>
</FONT></B>
<FONT size=2 face="serif">(Full title of the plan) </FONT></P>
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<B><FONT size=2 face="serif">Ken F. Parsons, Sr. <br>
President and Chief Executive Officer <br>
721 SE College Street <br>
P.O. Box 3800 <br>
Lacey, Washington 98509 <br>
(360) 459-1100 <br>
</FONT></B>
<FONT size=2 face="serif">(Name, address and telephone number of agent for service) </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Copies to: <br>
Kenneth E. Roberts, Esq. <br>
Foster Pepper Tooze LLP<br>
601 SW 2</FONT><SUP><FONT size=2 face="serif">nd</FONT></SUP><FONT size=2 face="serif"> Avenue, Suite 1800
<br>
Portland, Oregon 97204 </FONT></P>
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<FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT>
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&nbsp;
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 &nbsp; &nbsp;<FONT size=2 face="serif">Number of Shares</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Proposed</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Proposed Maximum</FONT>&nbsp;
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<FONT size=2 face="serif">Title of Securities</FONT>&nbsp;
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 &nbsp; &nbsp;<FONT size=2 face="serif">Being Registered</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Maximum Offering</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Aggregate Offering</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Amount of</FONT>&nbsp;
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<FONT size=2 face="serif">Being Registered</FONT>&nbsp;
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 &nbsp; &nbsp;<FONT size=2 face="serif">(1)</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Price Per Share (2)</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Price (2)</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Registration Fee</FONT>&nbsp;
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<FONT size=2 face="serif">Common Stock</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">200,000</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$7.78</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$1,556,000.00</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">$197.15</FONT>&nbsp;
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&nbsp;<FONT size=2 face="serif">(1)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">The shares of Common Stock represent the number of shares with respect to which options and restricted stock may be granted under the 2004 Stock Incentive Plan. In addition, pursuant to Rule 416, this Registration Statement
also covers an indeterminate number of additional shares which may be issuable as a result of the anti-dilution provisions of the 2004 Stock Incentive Plan.</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(2)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">The maximum offering price for the shares cannot presently be determined as the offering price is established at the time options and restricted stock are granted. Pursuant to Rule 457(h), the offering price is estimated
based on the book value as of June 30, 2004, and the maximum offering price is calculated solely for the purpose of determining the registration fee.</FONT>	</TD>
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<FONT size=2 face="serif">PART I </FONT></P>
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<FONT size=2 face="serif">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	In accordance with the instructions to Part I of Form S-8, the information required to be set forth in Part I of Form S-8 has been omitted from this Registration Statement. </FONT></P>
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<FONT size=2 face="serif">PART II </FONT></P>
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<FONT size=2 face="serif">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </FONT></P>
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<B><FONT size=2 face="serif">Item 3. Incorporation of Documents by Reference. </FONT></B></P>
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<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The following documents filed by Venture Financial Group, Inc. with the Securities and Exchange Commission are incorporated by reference in this registration statement: </FONT></P>
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&nbsp;<FONT size=2 face="serif">(1)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">The registrant's Annual Report for the period ending December 31, 2003 on Form 10-K filed with the Commission on March 30, 2004 (File No. 000-24024).</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(2)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">The registrant's Quarterly Report on Form 10-Q for the period ending March 31, 2004 filed with the Commission on May 17, 2004, and the registrant's Current Reports on Form 8-K filed January 23, February 4, March 17, April
27, May 11, June 2, June 22, June 24 and July 23, 2004 (File No. 000-24024).</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(3)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">The description of the registrant's common stock contained in the registration statement on Form S-4/A, Registration No. 333-15321, filed with the SEC on November 29, 1996, including any amendment or report filed for the
purpose of updating such description.</FONT>	</TD>
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<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	All documents filed by the registrant subsequent to those listed above pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment
which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such
documents.</FONT></P>
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<B><FONT size=2 face="serif">Item 4. Description of Securities.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Not Applicable. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 5. Interests of Named Experts and Counsel. </FONT></B></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Not Applicable. </FONT></P>
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<B><FONT size=2 face="serif">Item 6. Indemnification of Directors and Officers. </FONT></B></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Under the Washington Business Corporation Act, a person who is made a party to a proceeding because such person is or was an officer or director of a corporation may be indemnified by the corporation against liability
incurred by such person in connection with the proceeding if (1) the person's conduct was in good faith and in a manner he or she reasonably believed was in the corporation's best interest or at least not opposed to its best interests and (2) if the
proceeding was a criminal proceeding, the Indemnitee had no reasonable cause to believe his or her conduct was unlawful. Indemnification is not permitted if the person was adjudged liable to the corporation in a proceeding by or in the right of the
corporation, or if the </FONT></P>
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<FONT size=2 face="serif">Indemnitee was adjudged liable on the basis that he or she improperly received a personal benefit. Unless the articles of incorporation provide otherwise, such indemnification is mandatory if the Indemnitee is wholly
successful on the merits or otherwise, or if ordered by a court of competent jurisdiction.  The registrant's Bylaws provide that the registrant will indemnify any individual made a party to a proceeding because the individual is or was a director
against liability incurred in the proceeding if:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the individual acted in good faith, and</FONT></LI>
<LI>
<FONT size=2 face="serif">the individual reasonably believed (1) in the case of conduct in the individual's official capacity within the corporation, that the individual's conduct was in its best interests, and
(2) in all other cases, that the individual's conduct was at least not opposed to its best interests, and (3) in the case of any criminal proceeding, the individual had no reasonable
cause to believe that the individual's conduct was unlawful.</FONT></LI>
</UL>
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<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The registrant's Second Amended and Restated Articles of Incorporation provide that a director shall not be personally liable to the registrant or its shareholders for monetary damages for conduct as a director, except
for liability of a director for:</FONT></P>
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<FONT size=2 face="serif">acts or omissions that involve intentional misconduct or a knowing violation of law by the director;</FONT></LI>
<LI>
<FONT size=2 face="serif">conduct which violates applicable provisions of the Washington Business Corporation Act pertaining to unpermitted distributions to shareholders or loans to directors; or</FONT></LI>
<LI>
<FONT size=2 face="serif">any transaction from which the director will personally receive a benefit in money, property or services to which the director is not legally entitled.</FONT></LI>
</UL>
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<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The effect of these provisions is to limit the liability of directors for monetary damages, and to indemnify the directors of the registrant for all costs and expenses for liability incurred by them in connection with any
action, suit or proceeding in which they may become involved by reason of their affiliation with the registrant. These provisions do not limit the rights of the registrant or any shareholder to seek non-monetary relief, and do not affect a
director's or officer's responsibilities under any other laws, such as securities or environmental laws. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 7. Exemption from Registration Claimed. </FONT></B></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Not applicable. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 8. Exhibits. </FONT></B></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The exhibits required by Item 601 of Regulation S-K being filed herewith or incorporated herein by reference are listed on the Exhibit Index, which follows the signature page. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 9. Undertakings.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The undersigned registrant hereby undertakes: </FONT></P>
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&nbsp;<FONT size=2 face="serif">(1)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">To file, during any period in which offers or sales are being made, a post- effective amendment to this registration statement to include any material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such information in the registration statement.</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(2)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new</FONT>	</TD>
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<FONT size=2 face="serif">registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(3)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">To remove from registration by means of a post-effective amendment any of the securities that remain unsold at the termination of the offering.</FONT>	</TD>
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<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></P>
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<U><FONT size=2 face="serif">SIGNATURES</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lacey, State of Washington, on the 16</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP><FONT size=2 face="serif"> day of June, 2004.
</FONT></P>
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<FONT size=2 face="serif">VENTURE FINANCIAL GROUP, INC.</FONT>&nbsp;
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<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ken F. Parsons, Sr.</FONT></U>&nbsp;
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<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ken F. Parsons, Sr.</FONT>&nbsp;
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	<TD nowrap width="532">
&nbsp;</TD>
	<TD nowrap colspan=1 width="251">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<U><FONT size=2 face="serif">POWER OF ATTORNEY</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Each person whose individual signature appears below hereby authorizes and KEN F. PARSONS, SR. and CATHERINE M. REINES, and each of them, with full power of substitution to act as his true and lawful attorney in fact and
agent to act in his name, place and stead, and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this registration, including any and all post-effective
amendments or new registration pursuant to Rule 462. </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. </FONT></P>
<div align="left">
<TABLE border=0 cellspacing=0 cellpadding=0 style="border-collapse: collapse" bordercolor="#111111">
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Ken F. Parsons, Sr.</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1">
 &nbsp;<FONT size=2 face="serif">Ken F. Parsons, Sr.</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-bottom-style: none; border-bottom-width: medium">
 &nbsp;<FONT size=2 face="serif">President, Chief Executive Officer and Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Lowell E. Bridges</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;<FONT size=2 face="serif">Lowell E. Bridges, Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Linda E. Buckner</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;<FONT size=2 face="serif">Linda E. Buckner, Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ E. Paul Detray</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="serif">E. Paul Detray, Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Jewell C. Manspeaker</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="serif">Jewell C. Manspeaker, Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Patrick L. Martin</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="serif">Patrick L. Martin, Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ A. Richard Panowicz</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;<FONT size=2 face="serif">A. Richard Panowicz, Director</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
&nbsp;</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 align=right width="187">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Larry J. Schorno</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: June 16, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;<FONT size=2 face="serif">Larry J. Schorno, Director</FONT>&nbsp;
	</TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;</TD>
	<TD width="28">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium">
 &nbsp;</TD>
	<TD width="29">
&nbsp;</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;</TD>
</TR>
<tr>
	<TD nowrap colspan=1 align=right width="41">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="28">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
 &nbsp;<FONT size=2 face="serif">/s/ Catherine M. Reines</FONT>&nbsp;
	</TD>
	<TD width="29">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="187">
<FONT size=2 face="serif">Date: July 27, 2004</FONT>&nbsp;
	</TD>
</tr>
<tr>
	<TD nowrap colspan=1 width="41">
&nbsp;
	</TD>
	<TD width="28" style="border-right-style: none; border-right-width: medium">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
 &nbsp;<FONT size=2 face="serif">Catherine M. Rienes, Chief Financial Officer</FONT></TD>
	<TD width="29" style="border-left-style: none; border-left-width: medium">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;
	</TD>
</tr>
<TR valign="bottom">
	<TD nowrap colspan=1 width="41">
&nbsp;</TD>
	<TD width="28">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium">
 &nbsp;</TD>
	<TD width="29">
&nbsp;</TD>
	<TD nowrap colspan=1 width="187">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<BR>


<A name="page_6"></A>

<HR noshade align="center" width="100%" size=2>


<A name="page_7"></A>

<P align="center">
<U><FONT size=2 face="serif">EXHIBIT INDEX</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="left">
<U><FONT size=2 face="serif">Exhibit</FONT></U><FONT size=2 face="serif"> </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.1 *</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Second Amended and Restated Articles of Incorporation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.2 **</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Bylaws</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.3 ***</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">2004 Stock Incentive Plan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">5.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Opinion of Foster Pepper Tooze LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">23.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of Moss Adams LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">23.2</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of McGladrey Pullen</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">23.3</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of Foster Pepper Tooze LLP (included in Exhibit 5.1)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">24.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Power of Attorney (included in the signature page)</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=5 cellpadding=5>
<TR>
	<TD nowrap valign=top>
&nbsp;<FONT size=2 face="serif">*</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, filed November 14, 2003.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;<FONT size=2 face="serif">**</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2001, filed April 1, 2002.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;<FONT size=2 face="serif">***</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Incorporated by reference to Appendix B to the Definitive Proxy Statement filed by the registrant on April 6, 2004</FONT>	</TD>
</TR>
</TABLE>

<HR noshade align="center" width="100%" size=2>


<A name="page_8"></A>

<P align="center">
<U><FONT size=2 face="serif">EXHIBIT 5.1</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">[FOSTER PEPPER TOOZE LLP LETTERHEAD] </FONT></P>
<P>
<FONT size=2 face="serif">July 30, 2004 </FONT></P>
<P>
<FONT size=2 face="serif">Board of Directors <br>
Venture Financial Group, Inc. <br>
721 SE College Street <br>
Lacey, Washington </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form S-8 Registration
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004 Stock Incentive Plan </FONT></P>
<P>
<FONT size=2 face="serif">Ladies and Gentlemen: </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT><FONT size=2 face="serif">This firm is special counsel to Venture Financial Group, Inc., a Washington corporation ("Venture") and, in that capacity, have assisted in the preparation of certain documents, including
Venture's Registration Statement on Form S-8 (the "Registration Statement") covering 200,000 shares of Venture common stock (the "Shares") to be issued upon the exercise of options and grants of restricted stock issued by Venture in accordance with
the terms of Venture 2004 Stock Incentive Plan (the "Plan"), and the agreements governing such options and grants. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT>
<FONT size=2 face="serif"> 	In the course of our representation described above, we have examined the Plan and the Registration Statement. We have reviewed the Articles of Incorporation and the Bylaws of Venture, as amended, and excerpts of minutes
of certain meetings of the Board of Directors and shareholders of Venture. We have also received from the officers of Venture certificates and other representations concerning certain factual matters relevant to this opinion. We have received such
certificates from, and have made inquiries of, public officials in those jurisdictions in which we have deemed it appropriate. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT>
<FONT size=2 face="serif"> 	As to matters of fact, we have relied upon the above certificates, documents and investigation. We have assumed without investigation the genuineness of all signatures and the authenticity and completeness of all of the
documents submitted to us as originals and the conformity to authentic and complete original documents of all documents submitted to us as certified or photostatic copies. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT>
<FONT size=2 face="serif"> 	Based upon and subject to all of the foregoing and subject to the qualifications and exceptions heretofore and hereinafter set forth, we are of the opinion that the Shares have been validly authorized and, when (i) the
Registration Statement has become and remains effective, (ii) the applicable provisions of the Securities Act of 1933, as amended, and such state and other securities laws as may be applicable have been complied with, and (iii) the Shares have been
issued in accordance with the Plan as contemplated by the Registration Statement, the Shares will be validly issued, fully paid and non-assessable. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT>
<FONT size=2 face="serif"> 	Regardless of the states in which members of this firm are licensed to practice, this opinion is limited to the present laws of the State of Washington and the United States of America and the facts bearing on this
opinion as they exist on the date of this letter. We disclaim any obligation to review or supplement this opinion or to advise you of any changes in the circumstances, laws or events that may occur after this date or otherwise update this opinion.
</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_9"></A>

<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT>
<FONT size=2 face="serif"> 	This opinion is provided to you as a legal opinion only, and not as a guaranty or warranty of the matters discussed herein.  Our opinion is limited to the matters expressly stated herein, and no other opinions may be
implied or inferred. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	</FONT>
<FONT size=2 face="serif"> 	We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as amended, or General Rules and Regulations of the Securities and Exchange Commission. </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Very truly yours, </FONT></P>
<P>
<FONT size=2 face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	FOSTER PEPPER TOOZE LLP</FONT><FONT face="serif"> </FONT></P>

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<A name="page_10"></A>

<P align="center">
<U><FONT size=2 face="serif">EXHIBIT 23.1</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">[LETTERHEAD OF MOSS ADAMS LLP] </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P>
<FONT size=2 face="serif">We consent to the incorporation by reference in this Registration Statement on Form S-8 of Venture Financial Group, Inc. relating to the Venture Financial Group, Inc. 2004 Stock Incentive Plan of our report dated January
14, 2004, included in the Annual Report on Form 10-K of Venture Financial Group, Inc. for the year ended December 31, 2003. </FONT></P>
<P>
<FONT size=2 face="serif">/s/ Moss Adams LLP </FONT></P>
<P>
<FONT size=2 face="serif">Everett, Washington <br>
July 29, 2004 </FONT></P>

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<A name="page_11"></A>

<P align="center">
<U><FONT size=2 face="serif">EXHIBIT 23.2</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">[LETTERHEAD OF MCGLADREY &amp; PULLEN LLP] </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P>
<FONT size=2 face="serif">We consent to the incorporation by reference in this Registration Statement on Form S-8 of Venture Financial Group, Inc. of our report dated January 10, 2003, included in the Annual Report on Form 10-K of Venture Financial
Group, Inc. for the year ended December 31, 2003. </FONT></P>
<P>
<FONT size=2 face="serif">/s/ McGladrey &amp; Pullen, LLP </FONT></P>
<P>
<FONT size=2 face="serif">Tacoma, Washington <br>
July 23, 2004 </FONT></P>

<P>
&nbsp;</P>


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[{"type": "S-8", "sequence": "1", "filename": "ventures873004.htm", "description": "FORM S-8", "secsgml_size_bytes": 50074}]
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ventureS873004
Filed with the Securities and Exchange Commission on July 30, 2004
Securities Act Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
VENTURE FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
Washington
91-1277503
(State of incorporation)
(I.R.S. Employer Identification No.)
721 SE College Street, P.O. Box 3800,
98509
Lacey, Washington
(Zip Code)
(Address of principal executive offices)
2004 STOCK INCENTIVE PLAN
(Full title of the plan)
Ken F. Parsons, Sr.
President and Chief Executive Officer
721 SE College Street
P.O. Box 3800
Lacey, Washington 98509
(360) 459-1100
(Name, address and telephone number of agent for service)
Copies to:
Kenneth E. Roberts, Esq.
Foster Pepper Tooze LLP
601 SW 2
nd
Avenue, Suite 1800
Portland, Oregon 97204
CALCULATION OF REGISTRATION FEE
Number of Shares
Proposed
Proposed Maximum
Title of Securities
Being Registered
Maximum Offering
Aggregate Offering
Amount of
Being Registered
(1)
Price Per Share (2)
Price (2)
Registration Fee
Common Stock
200,000
$7.78
$1,556,000.00
$197.15
(1)
The shares of Common Stock represent the number of shares with respect to which options and restricted stock may be granted under the 2004 Stock Incentive Plan. In addition, pursuant to Rule 416, this Registration Statement
also covers an indeterminate number of additional shares which may be issuable as a result of the anti-dilution provisions of the 2004 Stock Incentive Plan.
(2)
The maximum offering price for the shares cannot presently be determined as the offering price is established at the time options and restricted stock are granted. Pursuant to Rule 457(h), the offering price is estimated
based on the book value as of June 30, 2004, and the maximum offering price is calculated solely for the purpose of determining the registration fee.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
In accordance with the instructions to Part I of Form S-8, the information required to be set forth in Part I of Form S-8 has been omitted from this Registration Statement.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by Venture Financial Group, Inc. with the Securities and Exchange Commission are incorporated by reference in this registration statement:
(1)
The registrant's Annual Report for the period ending December 31, 2003 on Form 10-K filed with the Commission on March 30, 2004 (File No. 000-24024).
(2)
The registrant's Quarterly Report on Form 10-Q for the period ending March 31, 2004 filed with the Commission on May 17, 2004, and the registrant's Current Reports on Form 8-K filed January 23, February 4, March 17, April
27, May 11, June 2, June 22, June 24 and July 23, 2004 (File No. 000-24024).
(3)
The description of the registrant's common stock contained in the registration statement on Form S-4/A, Registration No. 333-15321, filed with the SEC on November 29, 1996, including any amendment or report filed for the
purpose of updating such description.
All documents filed by the registrant subsequent to those listed above pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment
which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such
documents.
Item 4. Description of Securities.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
Item 6. Indemnification of Directors and Officers.
Under the Washington Business Corporation Act, a person who is made a party to a proceeding because such person is or was an officer or director of a corporation may be indemnified by the corporation against liability
incurred by such person in connection with the proceeding if (1) the person's conduct was in good faith and in a manner he or she reasonably believed was in the corporation's best interest or at least not opposed to its best interests and (2) if the
proceeding was a criminal proceeding, the Indemnitee had no reasonable cause to believe his or her conduct was unlawful. Indemnification is not permitted if the person was adjudged liable to the corporation in a proceeding by or in the right of the
corporation, or if the
1
Indemnitee was adjudged liable on the basis that he or she improperly received a personal benefit. Unless the articles of incorporation provide otherwise, such indemnification is mandatory if the Indemnitee is wholly
successful on the merits or otherwise, or if ordered by a court of competent jurisdiction.  The registrant's Bylaws provide that the registrant will indemnify any individual made a party to a proceeding because the individual is or was a director
against liability incurred in the proceeding if:
the individual acted in good faith, and
the individual reasonably believed (1) in the case of conduct in the individual's official capacity within the corporation, that the individual's conduct was in its best interests, and
(2) in all other cases, that the individual's conduct was at least not opposed to its best interests, and (3) in the case of any criminal proceeding, the individual had no reasonable
cause to believe that the individual's conduct was unlawful.
The registrant's Second Amended and Restated Articles of Incorporation provide that a director shall not be personally liable to the registrant or its shareholders for monetary damages for conduct as a director, except
for liability of a director for:
acts or omissions that involve intentional misconduct or a knowing violation of law by the director;
conduct which violates applicable provisions of the Washington Business Corporation Act pertaining to unpermitted distributions to shareholders or loans to directors; or
any transaction from which the director will personally receive a benefit in money, property or services to which the director is not legally entitled.
The effect of these provisions is to limit the liability of directors for monetary damages, and to indemnify the directors of the registrant for all costs and expenses for liability incurred by them in connection with any
action, suit or proceeding in which they may become involved by reason of their affiliation with the registrant. These provisions do not limit the rights of the registrant or any shareholder to seek non-monetary relief, and do not affect a
director's or officer's responsibilities under any other laws, such as securities or environmental laws.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The exhibits required by Item 601 of Regulation S-K being filed herewith or incorporated herein by reference are listed on the Exhibit Index, which follows the signature page.
Item 9. Undertakings.
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post- effective amendment to this registration statement to include any material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such information in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
2
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities that remain unsold at the termination of the offering.
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lacey, State of Washington, on the 16
th
day of June, 2004.
VENTURE FINANCIAL GROUP, INC.
By:
/s/ Ken F. Parsons, Sr.
Ken F. Parsons, Sr.
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose individual signature appears below hereby authorizes and KEN F. PARSONS, SR. and CATHERINE M. REINES, and each of them, with full power of substitution to act as his true and lawful attorney in fact and
agent to act in his name, place and stead, and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this registration, including any and all post-effective
amendments or new registration pursuant to Rule 462.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
By:
/s/ Ken F. Parsons, Sr.
Date: June 16, 2004
Ken F. Parsons, Sr.
President, Chief Executive Officer and Director
By:
/s/ Lowell E. Bridges
Date: June 16, 2004
Lowell E. Bridges, Director
By:
/s/ Linda E. Buckner
Date: June 16, 2004
Linda E. Buckner, Director
By:
/s/ E. Paul Detray
Date: June 16, 2004
E. Paul Detray, Director
By:
/s/ Jewell C. Manspeaker
Date: June 16, 2004
Jewell C. Manspeaker, Director
By:
/s/ Patrick L. Martin
Date: June 16, 2004
Patrick L. Martin, Director
By:
/s/ A. Richard Panowicz
Date: June 16, 2004
A. Richard Panowicz, Director
By:
/s/ Larry J. Schorno
Date: June 16, 2004
Larry J. Schorno, Director
By:
/s/ Catherine M. Reines
Date: July 27, 2004
Catherine M. Rienes, Chief Financial Officer
EXHIBIT INDEX
Exhibit
4.1 *
Second Amended and Restated Articles of Incorporation
4.2 **
Bylaws
4.3 ***
2004 Stock Incentive Plan
5.1
Opinion of Foster Pepper Tooze LLP
23.1
Consent of Moss Adams LLP
23.2
Consent of McGladrey Pullen
23.3
Consent of Foster Pepper Tooze LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included in the signature page)
*
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, filed November 14, 2003.
**
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2001, filed April 1, 2002.
***
Incorporated by reference to Appendix B to the Definitive Proxy Statement filed by the registrant on April 6, 2004
EXHIBIT 5.1
[FOSTER PEPPER TOOZE LLP LETTERHEAD]
July 30, 2004
Board of Directors
Venture Financial Group, Inc.
721 SE College Street
Lacey, Washington
Re:       Form S-8 Registration
2004 Stock Incentive Plan
Ladies and Gentlemen:
This firm is special counsel to Venture Financial Group, Inc., a Washington corporation ("Venture") and, in that capacity, have assisted in the preparation of certain documents, including
Venture's Registration Statement on Form S-8 (the "Registration Statement") covering 200,000 shares of Venture common stock (the "Shares") to be issued upon the exercise of options and grants of restricted stock issued by Venture in accordance with
the terms of Venture 2004 Stock Incentive Plan (the "Plan"), and the agreements governing such options and grants.
In the course of our representation described above, we have examined the Plan and the Registration Statement. We have reviewed the Articles of Incorporation and the Bylaws of Venture, as amended, and excerpts of minutes
of certain meetings of the Board of Directors and shareholders of Venture. We have also received from the officers of Venture certificates and other representations concerning certain factual matters relevant to this opinion. We have received such
certificates from, and have made inquiries of, public officials in those jurisdictions in which we have deemed it appropriate.
As to matters of fact, we have relied upon the above certificates, documents and investigation. We have assumed without investigation the genuineness of all signatures and the authenticity and completeness of all of the
documents submitted to us as originals and the conformity to authentic and complete original documents of all documents submitted to us as certified or photostatic copies.
Based upon and subject to all of the foregoing and subject to the qualifications and exceptions heretofore and hereinafter set forth, we are of the opinion that the Shares have been validly authorized and, when (i) the
Registration Statement has become and remains effective, (ii) the applicable provisions of the Securities Act of 1933, as amended, and such state and other securities laws as may be applicable have been complied with, and (iii) the Shares have been
issued in accordance with the Plan as contemplated by the Registration Statement, the Shares will be validly issued, fully paid and non-assessable.
Regardless of the states in which members of this firm are licensed to practice, this opinion is limited to the present laws of the State of Washington and the United States of America and the facts bearing on this
opinion as they exist on the date of this letter. We disclaim any obligation to review or supplement this opinion or to advise you of any changes in the circumstances, laws or events that may occur after this date or otherwise update this opinion.
This opinion is provided to you as a legal opinion only, and not as a guaranty or warranty of the matters discussed herein.  Our opinion is limited to the matters expressly stated herein, and no other opinions may be
implied or inferred.
We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as amended, or General Rules and Regulations of the Securities and Exchange Commission.
Very truly yours,
FOSTER PEPPER TOOZE LLP
EXHIBIT 23.1
[LETTERHEAD OF MOSS ADAMS LLP]
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-8 of Venture Financial Group, Inc. relating to the Venture Financial Group, Inc. 2004 Stock Incentive Plan of our report dated January
14, 2004, included in the Annual Report on Form 10-K of Venture Financial Group, Inc. for the year ended December 31, 2003.
/s/ Moss Adams LLP
Everett, Washington
July 29, 2004
EXHIBIT 23.2
[LETTERHEAD OF MCGLADREY & PULLEN LLP]
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-8 of Venture Financial Group, Inc. of our report dated January 10, 2003, included in the Annual Report on Form 10-K of Venture Financial
Group, Inc. for the year ended December 31, 2003.
/s/ McGladrey & Pullen, LLP
Tacoma, Washington
July 23, 2004