January 13, 2023 3:20 a.m.
In the KQEN Business Spotlight:
Columbia Banking System, Inc. the parent company of Columbia Bank and Umpqua Holdings Corporation, the parent company of Umpqua Bank, jointly announced that the Federal Deposit Insurance Corporation has approved the previously announced combination of the two companies.
A release from Kurt Heath, VP of Corporate Communications for Umpqua Bank, said the FDIC approval was the final outstanding regulatory approval necessary to complete the combination.
The release said the merger is expected to be completed by the end of February, subject to the satisfaction or waiver of the remaining closing conditions set forth in the merger agreement governing the transaction. Columbia and Umpqua have agreed to extend the outside date under the merger agreement to March 11th. Upon closing, the combined company will become one of the largest banks headquartered in the west, with over $50 billion in assets and offices in eight western states that serve customers in all 50 states.
Information from Umpqua Bank said 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 26th. Columbia previously announced Columbia Bank entered into definitive agreements to divest the 10 branches identified by the U.S. Department of Justice, Antitrust Division, which was a condition for obtaining certain regulatory approvals.
Post-closing, the holding company will operate under the Columbia Banking System Inc. name and will be headquartered in Tacoma, Washington. The bank will operate under the Umpqua Bank name and will be headquartered in Lake Oswego, Oregon. Other major subsidiaries and divisions will include Columbia Trust Company, Columbia Wealth Advisors and Columbia Private Bank, which will operate under umbrella of Columbia Wealth Management, as well as Financial Pacific Leasing Inc. The combined company will trade under Columbia’s ticker symbol (COLB) on the Nasdaq Stock Market.