---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-300178"
form_type: "8-K"
ticker: "COLB"
cik: "0000887343"
company_name: "COLUMBIA BANKING SYSTEM, INC."
filed_at: "2021-10-15T23:59:59+00:00"
generated_at: "2026-06-28T20:43:27.120439+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Columbia Banking System merges with Umpqua Holdings in 0.5958x stock-for-stock deal

## Summary
- Each Umpqua share converts to 0.5958 Columbia shares; fractional shares paid in cash.
- Cort O'Haver (Umpqua CEO) to be Executive Chairman; Clint Stein (Columbia CEO) to be President and CEO of combined firm.
- Board of 14 directors split 7 each; parent HQ in Tacoma, WA; bank HQ in Portland, OR.
- Termination fee of $145 million payable by either party under certain circumstances.
- CEO Stein receives new contract: $1.15M base salary, target bonus 100% of base, LTIP 200% of base, enhanced severance.

## SEC filing metadata
- accession: 0001193125-21-300178
- form_type: 8-K
- ticker: COLB
- cik: 0000887343
- company_name: COLUMBIA BANKING SYSTEM, INC.
- filed_at: 2021-10-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/887343/000119312521300178/0001193125-21-300178-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/887343/000119312521300178/d237749d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-300178
- JSON: https://secwatch.observer/filing/0001193125-21-300178.json
- Plain text: https://secwatch.observer/filing/0001193125-21-300178.txt

## Key facts
- Executive change
  Clint E. Stein changed role as President and Chief Executive Officer at COLUMBIA BANKING SYSTEM, INC..
  - Action: will serve as
  - Role: President and Chief Executive Officer
  source text: On October 11, 2021, Columbia and Mr. Stein, the current President and Chief Executive Officer of Columbia and Chief Executive Officer of Columbia State Bank entered into an amended and restated employment agreement (the "CEO Agreement") pursuant to which Mr. Stein will serve as President and Chief Executive Officer of Columbia and Chief Executive Officer of Umpqua Bank following the Closing.
  evidence_url: https://www.sec.gov/Archives/edgar/data/887343/000119312521300178/0001193125-21-300178-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.