Tacoma’s Columbia Banking System and Eugene, Oregon’s Pacific Continental Corp. announced Monday evening that the two had agreed to merge Pacific Continental into Columbia in a transaction valued at around $644.1 million, or $27.85 a share.
The combined company will have approximately $12 billion in assets with more than 150 branches throughout Washington, Oregon and Idaho, according to a joint news release.
“We are delighted that Pacific Continental has agreed to join with Columbia, strengthening and growing our position as the premier Northwest focused regional community bank,” said Melanie J. Dressel, president and chief executive officer of Columbia, in Monday’s release. “We look forward to continuing Pacific Continental’s leadership position in the Eugene market while enhancing our presence in the Portland and Seattle markets with the help of Pacific Continental’s key niche practice and market leaders.”
According to Dressel in the release, one community-based director from Pacific Continental’s board of directors will join Columbia’s board.
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“We are very pleased and excited to partner with Columbia and view it as a wonderful opportunity to continue serving our communities as the premier community bank, offering our clients additional products and services,” said Roger Busse, president and chief executive officer of Pacific Continental, in Monday’s release.
The deal is set to close in midyear pending shareholder and regulatory approval. After the deal closes, Pacific Continental’s branches will switch to the Columbia name.