secwatch.observer — SEC 8-K summary
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Issuer:     COLUMBIA BANKING SYSTEM, INC. (COLB)
CIK:        0000887343
Form:       8-K
Filed at:   2023-03-01T23:59:59+00:00
Accession:  0001193125-23-056342
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 2.01, 2.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Columbia Banking completes all-stock merger with Umpqua; issues ~129.6M shares
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- Umpqua shareholders received 0.5958 COLB shares per UMPQ share; total consideration ~129.6M COLB shares.
- Board expanded to 14 directors; 7 former Umpqua directors appointed including Cort O'Haver as Executive Chair.
- Ronald Farnsworth appointed CFO of Columbia; receives $1.8M cash retention award tied to systems conversion.
- Columbia assumed ~$450M+ in Umpqua's trust preferred securities across 23 series (various maturities 2031-2037).
- Former CFO Aaron Deer transitions to Chief Strategy & Innovation Officer; receives $840K deferred comp.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887343/000119312523056342/0001193125-23-056342-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887343/000119312523056342/d413616d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-056342

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