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TACOMA, Wash. Y PORTLAND, Ore., January 9, 2023 /PRNewswire/ — Columbia Banking System, Inc. (“Columbia“) (NASDAQ: COLB), the parent company of Columbia Bank and Umpqua Holdings Corporation (“umpqua“) (NASDAQ:UMPQ), the parent company of Umpqua Bank, jointly announced that the Federal Deposit Insurance Corporation (the “FDIC”) has approved the previously announced combination of the two companies. The FDIC approval was the approval final pending regulatory requirement to complete the combination.
The merger is expected to be completed by the end of February, subject to the fulfillment or waiver of the remaining closing conditions set forth in the merger agreement governing the transaction. Columbia Y umpqua agreed to extend the external date under the merger agreement to March 11, 2023. Upon closing, the combined company will become one of the largest Western-based banks, with more than $50 billion in assets and offices in eight western states serving clients in all 50 states.
The two companies have received regulatory approvals to complete the combination from the Board of Governors of the Federal Reserve System; the FDIC; the Oregon Department of Consumer and Business Services, Division of Financial Regulation; and the washington state Department of Financial Institutions. As previously announced, all required shareholder approvals related to the proposed combination were received on January 26, 2022. Columbia previously announced in November 7, 2022 that Columbia Bank entered into definitive agreements to sell the 10 branches identified by the US Department of Justice’s Antitrust Division as a condition of obtaining certain regulatory approvals.
“Today’s announcement marks the culmination of a great deal of work by the associates of both organizations. I could not be more proud of their collective effort as we look toward the completion of our merger,” he said. clintsteinpresident and CEO of Columbia. “We are excited to move into the last phase of our combination and achieve our vision of creating a leading Western regional bank.”
“Our combination, and all the potential it holds to create value for our customers, communities, associates and shareholders, is one step closer to becoming a reality,” he said. Cort O’Haverpresident and CEO of umpqua. “We are delighted to complete this combination and start moving forward as one bank.”
After closing, the holding company will operate as Columbia Banking System, Inc. and will be headquartered in Tacoma, Wash.. The bank will operate under the name of Umpqua Bank and will be headquartered in Lake Oswego, Oregon. Other significant subsidiaries and divisions will include Columbia Trust Company, Columbia Wealth Advisors, and Columbia Private Bank, which will operate under the umbrella of Columbia Wealth Management, as well as Financial Pacific Leasing, Inc. The combined company will operate under from Colombia ticker symbol (COLB) on the Nasdaq stock market.
About Colombia
Based in Tacoma, Wash.Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a washington state-full service chartered commercial bank with offices in Washington, Oregon, California, Idaho, UtahY Arizona. The bank has been named one of Puget Sound Business Magazine “from washington Best Workplaces”, more than 10 times. Columbia was named the No. 1 bank in the Northwest on Forbes’ 2021 list of “America’s Best Banks,” marking nearly 10 consecutive years on the publication’s list of top financial institutions.
More information about Columbia can be found on their website at www.columbiabank.com.
About Upqua
Umpqua Holdings Corporation (NASDAQ:UMPQ) is the parent company of Umpqua Bank, a Oregonbank based on operations in all Oregon, Washington, California, Idaho, Arizona, ColoradoY Snowfall. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, He New York Times, business week, fast companyY CNBC. The company was named #1 in customer satisfaction for the Northwest region in the JD Power 2021 US Retail Banking Satisfaction Study, and Forbes consistently ranks umpqua as one of the best banks in the United States. The Portland Business Journal has also recognized umpqua as the most admired financial services company in Oregon for 18 consecutive years. In addition to its retail and commercial banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leasing to businesses. For more information, visit www.umpquabank.com.
forward-looking statements
This communication may contain certain forward-looking statements, including, without limitation, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations, and intentions of umpqua Y Columbia, the expected time of completion of the transaction and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks and uncertainties. All statements that are not statements of historical fact, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements can be identified with words such as “expect”, “anticipate”, “believe”, “intend”, “estimate”, “plan”, “target”, “target” or similar expressions, or future or conditional verbs such as ” will”, “may”, “might”, “should”, “would”, “could” or similar variations. Forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no guarantee that the list of risks and uncertainties or risk factors is complete, the following are certain factors that could cause actual results to differ materially from those contained or implied in forward-looking statements: Changes in economic conditions , industry policies or conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and from umpqua Y from Colombia respective businesses, results of operations and financial situation; uncertainty in U.S. fiscal and monetary policy, including Federal Reserve Board interest rate policies or the effects of any declines in housing and commercial real estate prices, high unemployment rates, or growing, or any slowdown in economic growth, particularly in the West USA; volatility and disruptions in the global capital and credit markets; movements in interest rates; LIBOR reform; competitive pressures, including on prices of products and services; success, impact and opportunity from umpqua Y from Colombia respective business strategies, including market acceptance of any new products or services and umpqua Y from Colombia ability to successfully implement efficiency initiatives and operational excellence; the nature, scope, timing, and results of government actions, examinations, reviews, amendments, regulations, and interpretations; changes in laws or regulations; the occurrence of any event, change or other circumstances that could give rise to the right of one or both parties to terminate the merger agreement to which umpqua Y Columbia They are parties; the result of any legal proceedings that have been or may be instituted against umpqua either Columbia; delays in completing the transaction; failure to comply with any of the terms of the transaction in a timely manner or at all; changes in from umpqua either from Colombia share price prior to closing, including as a result of the other party’s financial performance prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and similar group companies; the possibility that the anticipated benefits of the transaction may not be realized when expected or not at all, including as a result of the impact or problems arising from the integration of the two companies or as a result of the strength of the economy and the competition factors in the areas where umpqua Y Columbia do business; certain restrictions during the pendency of the proposed transaction that may affect the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction will be more expensive than anticipated, including as a result of unexpected factors or events; diversion of management attention from ongoing business operations and opportunities; possible adverse reactions or changes in business or employee relationships, including those resulting from the announcement or completion of the transaction; the dilution caused by from Colombia issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of umpqua Y Columbia. Additional factors that could cause results to differ materially from those described above can be found in from umpqua Annual report on form 10-K for the year ended December 31, 2021 and your Quarterly Reports on Form 10-Q for the three-month periods ending March 31, 2022, June 30, 2022 Y September 30, 2022which are on file with the Securities and Exchange Commission (the “SEC”) and available at from umpqua investor relations website, www.umpquabank.com, under the heading “Financials”, and in other documents umpqua files with the SEC, and in from Colombia Registration statement on form S-4, your annual report on form 10-K for the year ended December 31, 2021 and your Quarterly Reports on Form 10-Q for the three-month periods ending March 31, 2022, June 30, 2022 Y September 30, 2022which are on file with the SEC and available at from Colombia website, www.columbiabank.com, under the heading “About – Investor Relations” and in other documents Columbia files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither umpqua neither Columbia assumes no obligation to update any forward-looking statements to reflect circumstances or events occurring after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events, except as required by federal securities laws. Since forward-looking statements involve significant risks and uncertainties, care should be taken not to place undue reliance on such statements.
SOURCE Umpqua Holdings Corporation
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