Columbia Banking Systems Inc - COLB STOCK NEWS

Columbia Banking System and Umpqua Holdings Corporation announced a definitive agreement for an all-stock merger. Umpqua shareholders will receive 0.5958 shares of Columbia for each Umpqua share, resulting in Umpqua shareholders owning about 62% of the combined entity. The merger aims to create a leading West Coast bank with over $50 billion in assets and enhance market share in key areas like Seattle and Portland. Projected financial benefits include significant earnings accretion, improved profitability, and around $1.1 billion in value creation through cost synergies.

Columbia Banking System completed its acquisition of Bank of Commerce Holdings, marking its first physical presence in California. Bank of Commerce shareholders received 0.40 shares of Columbia for each share held, totaling approximately $256 million in stock. Post-acquisition, Columbia Bank holds over $20 billion in assets and 150 branches across four states. CEO Clint Stein expressed excitement about this expansion, enhancing the bank's regional presence. Columbia plans to support local businesses with $500,000 as part of its Pass It On Project, aiding recovery from recent challenges.

Columbia Banking System, based in Tacoma, Washington, has announced a quarterly cash dividend of $0.30 per common share, scheduled for payment on October 27, 2021. This marks an increase from the previous dividend of $0.28 per share. Shareholders of record must hold shares by the close of business on October 13, 2021. Columbia Banking is known for its strong performance, having been recognized for customer satisfaction and as one of Washington's Best Workplaces.

Columbia Banking System (COLB) and Bank of Commerce Holdings (BOCH) announced the approval of their merger after receiving regulatory nods and overwhelming shareholder support. As of September 21, 2021, 98% of Bank of Commerce shareholders voted in favor, constituting over 63% of outstanding shares. The merger, initially disclosed on June 23, 2021, is slated for completion around October 1, 2021. Columbia's CEO highlighted effective collaboration between teams, while Bank of Commerce's CEO expressed enthusiasm for expanding client solutions.

Columbia Bank has promoted Dave Hansen to Executive Vice President and Director of Retail Banking as of August 30, 2021. Hansen, who joined Columbia in 2013, has held various leadership positions in the Columbia-Willamette region. He previously served as interim retail banking director, successfully leading the team through the pandemic. Hansen's role focuses on enhancing the retail division and fostering a strong corporate culture. He is also a permanent member of the Operating Committee. Hansen graduated from Portland State University and is actively involved in the community.

Columbia Banking System reported Q2 2021 net income of $55 million, or $0.77 per diluted share, with total loans rising 10% annualized. Deposits grew by $578 million, reaching $15.35 billion, while net interest margin was 3.16%, down 15 basis points. Notably, Columbia announced a merger with Bank of Commerce Holdings, expanding into northern California. A regular cash dividend of $0.28 per share is set for August 25, 2021. The company maintained a strong credit quality with nonperforming assets at just 0.14% of total assets.

Columbia Banking System, Inc. (NASDAQ: COLB) will report its second quarter 2021 financial results on July 29, 2021, before the market opens. A conference call to discuss these results is scheduled for 10:00 a.m. PT (1:00 p.m. ET). Interested parties can join via webcast or dial-in at (833) 301-1160 with Conference ID 3667919. A replay of the call will be available starting July 30, 2021. Columbia has earned accolades for its customer satisfaction and has been recognized among Washington's best workplaces.

Columbia Bank, headquartered in Tacoma, Washington, has promoted Rachel Fischer to Senior Vice President and Director of Data, Model, and Cyber Risk Governance. With three years at the bank, Fischer has been instrumental in developing the model risk program and enhancing data culture. She aims to establish robust data management and governance while improving cybersecurity practices. Fischer holds a bachelor's degree in Chemistry and a master's in Economics, alongside Financial Risk Manager credentials. Columbia Bank has been recognized as one of America's Best Banks by Forbes for ten consecutive years.

Columbia Banking System (NASDAQ: COLB) has signed a definitive agreement to merge with Bank of Commerce Holdings (NASDAQ: BOCH) in an all-stock transaction valued at approximately $266 million, or $15.72 per share, marking Columbia's entry into the California market. The merger is expected to yield 3% and 4% earnings per share accretion in 2022 and 2023, respectively. Combined, they will operate over 150 branches and possess $19 billion in assets across Washington, Oregon, Idaho, and California. The transaction awaits regulatory and shareholder approval, expected to close in Q4 2021.