Columbia Bank has completed its acquisition of Pacific Continental Bank effective today, moving the Eugene, Ore.-based bank under its umbrella growing its footprint to over 150 branches throughout Washington, Oregon and Idaho.
“We are delighted to announce the completion of our merger with Pacific Continental which strengthens Columbia's position as a leading Pacific Northwest regional bank and gives us a presence in key metropolitan markets,” said Hadley Robbins, president and CEO of Columbia. “We are pleased to welcome the Pacific Continental family of customers, employees and shareholders to Columbia. Together, we look forward to continuing our mutual commitment to relationship banking and to building strong relationships with our customers and the communities we serve.”
Effective at the time of the merger, Columbia also appointed Eric Forrest, a former director of Pacific Continental, to serve on the Boards of Columbia and Columbia State Bank.
Under terms of the transaction agreement, Pacific Continental shareholders received 0.6430 of a share of Columbia common stock for each share of Pacific Continental stock. The value of the total deal consideration was approximately $644.8 million, which includes approximately $637.1 million of Columbia stock issued to Pacific Continental shareholders and $7.7 million of cash issued to the holders of options, stock appreciation rights and restricted stock units.
With the addition of Pacific Continental, on a pro forma combined basis, Columbia Bank has over $12.0 billion in total assets.