Columbia Bank to merge with Umpqua Bank

“Our partnership will create the second largest regional bank by market share on the West Coast and enhance our ability to serve our clients, team members and communities.” Stein said. “We anticipate the official close to occur during the middle of 2022, following regulatory, shareholder and other customary approvals.”

Umpqua Bank is currently the largest bank headquartered in the Northwest, with more than $30 billion in assets and over 200 locations across the Western United States.

Blending the expertise and services of the two banks “will position us as the preferred bank for businesses and families across the Western United States,” Stein said. “In addition to our existing premium solutions like investments, insurance and trust services, customers will enjoy access to a broader suite that includes leasing services, expanded home lending options and additional technological capabilities such as mobile apps that make communicating with your banker as easy as texting a friend or family member. Our combined network of more than 300 locations across Washington, Oregon, Idaho, California and Nevada will place a branch within reach throughout the West Coast.”

According to Stein, the board of the combined company will be evenly split between existing Columbia and Umpqua members. “I will continue to serve as CEO and Cort O’Haver, Umpqua’s current CEO, will serve as executive board chair,” said Stein. “The executive team of our combined organization will be comprised of six leaders from Columbia and six from Umpqua.

“The combined organization will operate with a combination of our brand names. The name of our parent company will remain Columbia Banking System, Inc. and stock will continue to be traded under the COLB symbol. The name of the combined bank will become Umpqua Bank and wealth management offering will remain under the Columbia brand.”