Columbia Banking System and Umpqua Holdings Corporation Announce FDIC Approval and Expected Closing Timeline for Combination
The merger is expected to be completed by the end of February, subject to the satisfaction or waiver of the remaining closing conditions set forth in the merger agreement governing the transaction. Columbia and Umpqua have agreed to extend the outside date under the merger agreement to March 11, 2023. Upon closing, the combined company will become one of the largest banks headquartered in the West, with over
The two companies have received regulatory approvals to complete the combination from the
"Today's announcement marks the culmination of a tremendous amount of work from associates across both organizations. I couldn't be more proud of their collective effort as we look ahead to the completion of our merger," said
"Our combination, and all the potential it holds to unlock value for our customers, communities, associates and shareholders, is one step closer to becoming reality," said
Post-closing, the holding company will operate under the
Headquartered in
More information about Columbia can be found on its website at www.columbiabank.com.
This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Umpqua and
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and Umpqua's and
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Umpqua nor
Columbia Investor Contact:
Umpqua Investor Contact:
Jacquelynne "Jacque" Bohlen | (503) 727-4117 | [email protected]
Columbia Media Contact:
Umpqua Media Contact:
Kurt Heath | (503) 219-6124 | [email protected]
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