Business
Columbia Banking System And Umpqua Holdings Corporation Combining To Create The West Coast's Leading Regional Bank
A Scaled Organization, Positioned to Win in Some of the Country's Most Attractive Growth Markets Commercial Lending Focus Complemented by Highly Recognized
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"A Scaled Organization, Positioned to Win in Some of the Country's Most Attractive Growth Markets\n Commercial Lending Focus Complemented by Highly Recognized Retail Franchise\n Meaningful Value Creation to Shareholders and Strong Pro Forma Profitability\n Like-minded Institutions with Common Cultural Values\n\n\nTACOMA, Wash. and PORTLAND, Ore., Oct. 12, 2021 /PRNewswire/ -- Columbia Banking System, Inc. (\"Columbia\") (Nasdaq: COLB), the parent company of Columbia State Bank, and Umpqua Holdings Corporation (\"Umpqua\") (Nasdaq: UMPQ), the parent company of Umpqua Bank, today announced that they have entered into a definitive agreement under which the companies will join together in an all-stock combination.\n\n \n \n \n \n \n \n\n \nUnder the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Umpqua shareholders will receive 0.5958 of a share of Columbia stock for each Umpqua share they own. Upon completion of the transaction, Umpqua shareholders will own approximately 62% and Columbia shareholders will own approximately 38% of the combined company. Once the transaction is completed, the combined organization will be a leading West Coast franchise with more than $50 billion in assets.\nCort O'Haver, President and CEO of Umpqua, said, \"This is an exciting combination that brings together two well-respected organizations and talented teams, accelerating our shared strategic objectives to create the leading regional bank headquartered in the West. Together, with increased scale, we'll have the ability to provide expanded opportunities for associates and serve customers through an even more comprehensive suite of solutions. We'll also be able to strengthen our ongoing investment in our communities and deliver tremendous value for shareholders. I look forward to partnering with the Columbia team to expand our market share as a combined organization.\"\nColumbia President and CEO Clint Stein said, \"This is a historic partnership that will enhance what both banks are able to do for clients, team members and communities, while driving significant value for our shareholders. Importantly, Umpqua shares our values and relationship-based business model. We believe blending the complementary expertise, services and innovative technology of both banks will position the combined organizatio...