secwatch.observer — SEC 8-K summary
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Issuer:     COLUMBIA BANKING SYSTEM, INC. (COLB)
CIK:        0000887343
Form:       8-K
Filed at:   2021-10-15T23:59:59+00:00
Accession:  0001193125-21-300178
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887343/000119312521300178/0001193125-21-300178-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887343/000119312521300178/d237749d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-300178

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer