Columbia Banking System in Tacoma, Wash., is merging with Umpqua Holdings in Portland, Ore.While the $18 billion-asset Columbia is the legal acquirer, shareholders of the $29.2 billion-asset Umpqua will own 62% of the combined company. The deal, estimated to have a value of $5.2 billion, is expected to close in mid-2022. Columbia will be the company’s name, while the bank will operate under the Umpqua brand. The combined company will

Oportun Financial, a consumer lender in San Carlos, Calf., has withdrawn its application with the Office of the Comptroller of the Currency for a bank charter. The company said in a Friday press release that it plans to revisit the application, adding that it had “forged a constructive relationship with the OCC” since filing its initial application nearly a year ago. More than 20 federal and state consumer advocacy groups wrote

PCB Bancorp in Los Angeles is working with clients impacted by a ransomware attack that took place over the summer.The $2.1 billion-asset parent of Pacific City Bank provided an update on its efforts to address fallout from the Aug. 30 incident.The company said in a regulatory filing that an ongoing investigation revealed that the incident impacted files containing certain customer data, including personal information of customers and their employees such

Bank7 in Oklahoma City has agreed to buy Watonga Bancshares in Watonga, Okla. The $1.2 billion-asset Bank7 said in a press release Thursday that it will pay $32 million in cash for the parent of the $241 million-asset Cornerstone Bank. The deal, which is expected to close in the fourth quarter, valued Watonga at 141% of its tangible book value.Cornerstone has three branches, $215 million of deposits and $116 million of

Eastern Bankshares in Boston is planning to sell the corporate offices of Century Bancorp in Medford, Mass. The $17 billion-asset Eastern disclosed in a regulatory filing Wednesday that it has an agreement to sell a five-story office building, a three-story building and nearly five acres of land for $20.5 million. Eastern agreed in April to buy Century for $642 million. The sale of the property is contingent on the Century acquisition closing.

A two-day golf trip kickstarted conversations that led to the pending sale of Reliant Bancorp in Brentwood, Tenn., to United Community Banks in Blairsville, Ga. The $19.6 billion-asset United agreed on July 14 to buy the $3.1 billion-asset Reliant for $517 million. Before we dig into the background, based on a recent regulatory filing tied to the merger, here is a recap the deal’s financial details. The deal, which is expected to close

A group in Irvine, Calif., is looking to open a bank. Organizers of Beach Cities Commercial Bank applied with the Federal Deposit Insurance Corp. on Sept. 27 for deposit insurance. They plan to raise $25 million to $27 million in initial capital, according to the application. “The bank plans to provide better service than is currently available to customers in the bank’s market areas, using the skills and experience of a

PDL Community Bancorp in Bronx, N.Y., has applied for $225 million in capital through a new program handled by the Treasury Department. The $1.5 billion-asset parent of Ponce Bank disclosed in a regulatory filing Tuesday that it had applied on Aug. 31 for funds from the Emergency Capital Investment Program. PDL has not yet been approved for the funds. Under the program, created by the Consolidated Appropriations Act of 2021, the