The Bank Slate


Columbia, Umpqua get final regulatory approval

Columbia Banking System in Tacoma, Wash., and Umpqua Holdings in Portland, Ore., expect to complete their merger in February after receiving approval from the Federal Deposit Insurance Corp.

The $20.4 billion-asset Columbia and the $31.5 billion-asset Umpqua said in a press release that the FDIC was the final regulator to sign off on the transaction. The companies extended the termination deadline to March 11 to accommodate the new closing timeline.

The $5.2 billion deal was announced in October 2021. Shareholders approved the merger in January 2022. The companies agreed in November to divest 10 branches to satisfy antitrust conditions from the Justice Department.

“Today’s announcement marks the culmination of a tremendous amount of work from associates across both organizations,” Clint Stein, Columbia’s president and CEO, said in the release. “I couldn’t be more proud of their collective effort as we look ahead to the completion of our merger.”

The company will operate as Columbia but the Umpqua brand will be applied to the bank. The company will be based in Tacoma, while the bank will be headquartered in Lake Oswego, Ore.

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