Business
Columbia Banking System and Umpqua Holdings Corporation Complete Merger
Two Leading Community Banks Based in the Northwest Combine to Create One of the Largest Banks Headquartered in the West TACOMA, Wash. and PORTLAND, Ore.,
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"Two Leading Community Banks Based in the Northwest Combine to Create One of the Largest Banks Headquartered in the West\nTACOMA, Wash. and PORTLAND, Ore., March 1, 2023 /PRNewswire/ -- Columbia Banking System, Inc. (\"Columbia\") (Nasdaq: COLB), the parent company of Columbia Bank, and Umpqua Holdings Corporation (\"Umpqua\"), the parent company of Umpqua Bank, announced today the closing of their previously announced merger, combining the two premier banks in the Northwest to create one of the largest banks headquartered in the West.\n\n \n \n \n \n \n \n\n \nThe new institution now ranks as a top-30 U.S. bank and offers a combination of robust commercial, small business and consumer capabilities, expertise, local decision-making and a personalized approach to customer service. In addition to providing expanded capabilities and enhanced products and services for consumers and businesses of all sizes, the bank retains Columbia's and Umpqua's long-standing community focus. The combined bank previously announced an $8.1 billion commitment over five years towards enhancing affordable homeownership access, small business formation and growth, and philanthropic and community development initiatives in communities across its eight-state footprint.\n\"Bringing together the Northwest's leading banks is a historic achievement and holds enormous potential to benefit our associates, customers, and communities, as well as to drive our company's long-term growth. I'm especially proud of our associates whose hard work, perseverance, and truly collaborative spirit made this combination of like-minded banks possible,\" said Clint Stein, CEO of Columbia and Umpqua Bank. \"As we look to the future and the full integration of our new company, we remain laser focused on leveraging our scale advantages to provide a premium banking experience for our customers.\"\n\"Today marks the beginning of an exciting new chapter for our company,\" said Cort O'Haver, Executive Chair of the Board of Columbia. \"We have tremendous opportunity to deliver enhanced shareholder returns by building upon our combined bank's commitment to the success and prosperity of all our stakeholders.\" \nThe combined organization has more than $50 billion in assets with approximately $37 billion in loans and $45 billion in deposits throughout an eight-state footprint that spans som...