Columbia Banking to acquire Pacific Premier Bancorp in $2B all-stock deal

COLUMBIA BANKING SYSTEM, INC.

COLB to acquire PPBI at 0.9150x exchange ratio, valuing PPBI at ~$20.83/share; combined assets ~$70B
Deal expected to deliver mid-teens EPS accretion to COLB; tangible book dilution earned back in ~3 years
Combined company will have ~$57B deposits; COLB gains top-10 deposit share in Southern California
Transaction expected to close in H2 2025; subject to regulatory and shareholder approvals
COLB plans to rename Umpqua Bank to Columbia Bank later this year

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