Columbia-Umpqua merger gets FDIC approval; closing by end of Feb 2023

COLUMBIA BANKING SYSTEM, INC.

FDIC approved bank merger of Columbia State Bank into Umpqua Bank, final regulatory approval.
Merger expected to close by end of February; outside date extended to March 11, 2023.
Combined company to have >$50B assets, operate in eight western states, trade under COLB.
Branch divestitures of 10 branches required as condition; previously announced.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COLUMBIA BANKING SYSTEM, INC. amended Amendment No. 1 to Agreement and Plan of Merger with Umpqua Holdings Corporation and Cascade Merger Sub, Inc. (effective 2023-01-09).

Action: amendment
Agreement: merger
Counterparty: Umpqua Holdings Corporation and Cascade Merger Sub, Inc.
Effective: 2023-01-09

Exact text from the filing

On January 9, 2023, Columbia Banking System, Inc., a Washington corporation (“Columbia”), Umpqua Holdings Corporation, an Oregon corporation (“Umpqua”), and Cascade Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Columbia (“Merger Sub”), entered into Amendment No. 1 (the “Amendment”) to the Agreement and Plan of Merger, dated as of October 11, 2021 (the “Merger Agreement”), by and among Columbia, Umpqua, and Merger Sub.

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COLUMBIA BANKING SYSTEM, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-005000

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