Columbia Bank and Pacific Continental Bank have received the required regulatory approval from the Federal Reserve Board for their proposed merger.
The two banks have already announced the receipt of approvals from their shareholders, the FDIC and state regulators. Subject to customary closing conditions, the transaction is expected be completed on November 1, 2017.
“We are pleased to have received the last of the required approvals for the acquisition of Pacific Continental,” Hadley Robbins, president and CEO of Columbia, said. “We look forward to completing the transaction and further strengthening our position as the premier regional community bank in the Northwest.”
“To date, our teams have completed a tremendous amount of planning,” Roger Busse, president and CEO of Pacific Continental, added. “We are excited to enter this next phase as we bring these two great organizations together for the mutual benefit of our clients, communities, shareholders, and employees.”