Business
Columbia Banking System Announces Agreement to Sell Three Branches in Northern California to First Northern Bank
Branches are Being Divested to Satisfy U.S. Department of Justice (DOJ) Requirements for Columbia’s Pending Merger with Umpqua TACOMA, Wash. & DIXON,
About this update from Columbia Banking System, Inc.
[{"type":"text","content":"\nBranches are Being Divested to Satisfy U.S. Department of Justice (DOJ) Requirements for Columbia’s Pending Merger with Umpqua\n\n TACOMA, Wash. & DIXON, Calif.--(BUSINESS WIRE)--\nColumbia Banking System, Inc. (NASDAQ: COLB) (“Columbia”), the parent company of Columbia Bank, today announced that Columbia Bank has entered into a definitive purchase and assumption agreement with First Northern Bank (“First Northern”), a wholly-owned subsidiary of First Northern Community Bancorp (OTCQB: FNRN), to sell three branches in Northern California.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221106005092/en/\nThe branches, along with approximately $128 million of total deposits and approximately $4 million of total loans, are being divested to satisfy commitments to the U.S. Department of Justice (“DOJ”) in connection with Columbia’s pending merger with Umpqua Holdings Corporation (“Umpqua”). Post-merger, Columbia Bank will serve the Northern California market through Umpqua Bank branches in the same communities.\n\nColumbia and First Northern will provide additional information to customers impacted by this transaction. The sale is expected to close in the first quarter of 2023, subject to regulatory approval and other closing conditions, including the consummation of Columbia’s merger with Umpqua. All employees will be retained by First Northern and the branches will remain in operation.\n\n“We are confident in First Northern’s commitment to their communities and we know they will work tirelessly to make the transition seamless for these customers,” Columbia President and CEO Clint Stein said. “This agreement satisfies a key DOJ requirement to proceed toward closing our transformational merger with Umpqua.”\n\n“We are excited about the expansion of our franchise through the proposed acquisition of these branches,” First Northern President and CEO Louise A. Walker commented. “These markets are a natural fit for First Northern and allow us to extend our footprint north along the I-5 corridor. We are committed to serving the communities of Colusa, Orland and Willows and look forward to welcoming the Columbia branch employees with open arms and providing our new customers and communities with First Northern Bank’s exceptional brand of personalized service.”\n\nColumbia will...