Columbia Banking System Announces Completion of Acquisition of Bank of Commerce Holdings

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[{"type":"text","content":"TACOMA, Wash. and SACRAMENTO, Calif., Oct. 1, 2021 /PRNewswire/ -- Columbia Banking System, Inc. (NASDAQ: COLB), (\"Columbia\"), today announced the completion of its acquisition of Bank of Commerce Holdings (NASDAQ: BOCH), (\"Bank of Commerce\"), the holding company of Merchants Bank of Commerce. Following completion of the acquisition, Merchants Bank of Commerce was merged with and into Columbia's wholly owned subsidiary, Columbia State Bank.\n\n \n \n \n \n \n \n\n \nUnder terms of the transaction agreement, Bank of Commerce shareholders received 0.40 of a share of Columbia common stock for each share of Bank of Commerce stock. Based on the issuance of 6,740,686 shares of Columbia common stock, the total deal consideration paid to Bank of Commerce shareholders was approximately $256 million. \nClint Stein, President and Chief Executive Officer of Columbia, said, \"We are delighted to announce the completion of our merger with Merchants Bank of Commerce which marks our first physical presence in the state of California. The expansion is a natural continuation of our existing footprint and strengthens Columbia's position as a leading regional bank. We are pleased to welcome the Merchants Bank of Commerce family of clients, employees and shareholders to Columbia. As a combined company, our teams will continue to provide our relationship style of banking to the communities we serve.\"\nWith the addition of Merchants Bank of Commerce, on a pro forma combined basis, Columbia Bank has over $20 billion in total assets and over 150 branches throughout Washington, Oregon, California and Idaho. \nIn celebration of the close of the merger, Columbia donated $50,000 to the Community Foundation of the North State to aid in the relief efforts helping neighbors and businesses that have been impacted by the recent wildfires in northern California. Kerry Caranci, Chief Executive Officer of Community Foundation of the North State shared with us, \"We are very appreciative of this generous gift to our North State Wildfire Recovery Fund, which will support intermediate and long-term recovery efforts for major wildfires within northern California, as well as preparedness efforts. The Community Foundation has valued our partnership with Merchants Bank over the years and we look forward to growing the relationship with Columbia Bank.\"\nLater this ye...

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