TACOMA, Wash and SACRAMENTO, California., October 1, 2021 / PRNewswire / – Columbia Banking System, Inc. (NASDAQ: COLB), (“Colombia“), today announced the completion of its acquisition of Bank of Commerce Holdings (NASDAQ: BOCH), (” Bank of Commerce “), the holding company of Merchants Bank of Commerce. Following the completion of the acquisition, Merchants Bank of Commerce merged with and in Columbia wholly owned subsidiary, Columbia State Bank.
Under the transaction agreement, the shareholders of Banque de Commerce received 0.40 per share of Colombia ordinary share for each Banque de Commerce share. Based on the issuance of 6,740,686 common shares of Columbia, the total consideration paid to shareholders of the Bank of Commerce was approximately $ 256 million.
Clint stein, President and CEO of Colombia, said: “We are delighted to announce the completion of our merger with Merchants Bank of Commerce, which marks our first physical presence in the State of California. The expansion is a natural continuation of our existing footprint and reinforces Columbia leading regional bank position. We are pleased to welcome the family of Merchants Bank of Commerce customers, employees and shareholders to Colombia. As a combined business, our teams will continue to offer our banking style of relationship to the communities we serve. “
With the addition of Merchants Bank of Commerce, on a combined pro forma basis, Columbia Bank has more than $ 20 billion in total assets and more than 150 branches across Washington, Oregon, California and Idaho.
To celebrate the closing of the merger, Colombia donate $ 50,000 to the Community Foundation of the North State to assist with relief efforts by helping neighbors and businesses that have been affected by recent wildfires in the north California. Kerry Caranci, President and CEO of the Community Foundation of the North State, said, “We are very grateful for this generous donation to our North State Wildfire Recovery Fund, which will support medium and long-term recovery efforts for major fires. forest in the north California, as well as preparedness efforts. The Community Foundation has enjoyed our partnership with Merchants Bank over the years and we look forward to growing our relationship with Columbia Bank. “
Later this year, Colombia plans to pay $ 500,000 to small businesses in the north California as part of its Pass It On project following the closing of the merger. The project began in the summer of 2020 with the goal of helping businesses recover from stay-at-home orders statewide while providing additional support to the community.
Colombia was advised in this transaction by Keefe, Bruyette & Woods, A Stifel company, as financial advisor and Sullivan & Cromwell LLP, as legal advisor. Banque de Commerce was advised by Raymond James & Associates, Inc. as financial advisor and Miller Nash LLP as legal advisor.
Based at Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia State Bank, a Washington state– licensed full service commercial bank with locations all over the place Washington, Oregon, California and Idaho. The bank has been named one of the “Puget Sound Business Journal”Washington’s Best Places to Work “over 10 times and was ranked # 1 for customer satisfaction with retail banking in the Northwest region by JD Power in the Retail Banking Satisfaction Study in the United States in 2020. Colombia was named the Northwest’s No.1 Bank on the Forbes 2020 list of “America’s Best Banks” marking nearly 10 consecutive years on the publication’s list of top financial institutions.
Clint stein, President and CEO (253) 593-8304
Aaron Cerf, Financial director (253) 305-1966
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SOURCE Columbia Banking System, Inc.