Benzinga | Oct 12, 2021 07:05AM EDT

Columbia Banking System And Umpqua Holdings Corporation Announce Business Combination

Columbia Banking System, Inc. ("Columbia") (NASDAQ:COLB), the parent company of Columbia State Bank, and Umpqua Holdings Corporation ("Umpqua") (NASDAQ:UMPQ), the parent company of Umpqua Bank, today announced that they have entered into a definitive agreement under which the companies will join together in an all-stock combination.

Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Umpqua shareholders will receive 0.5958 of a share of Columbia stock for each Umpqua share they own. Upon completion of the transaction, Umpqua shareholders will own approximately 62% and Columbia shareholders will own approximately 38% of the combined company. Once the transaction is completed, the combined organization will be a leading West Coast franchise with more than $50 billion in assets.