Columbia Banking System, Inc. ("Columbia") and Pacific Premier Bancorp, Inc. (“Pacific Premier”) have announced the successful receipt of all required shareholder and stockholder approvals for Columbia’s proposed acquisition of Pacific Premier. The final results on the proposals voted on at the special meetings of Columbia’s shareholders and Pacific Premier’s stockholders will be reported in the companies’ respective current reports on Form 8-K to be filed with the U.S. Securities and Exchange Commission.
Columbia Banking System has over $50 billion in assets and is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. On the other hand, Pacific Premier Bancorp, Inc. is the parent company of Pacific Premier Bank, a nationally chartered commercial bank with approximately $18 billion in total assets, serving small, middle-market, and corporate businesses throughout the western United States.
The completion of the transaction is subject to the receipt of regulatory approvals and the satisfaction of the remaining customary closing conditions set forth in the merger agreement. The companies anticipate the transaction to close later in 2025, subject to these requirements.
The successful approval of the proposed acquisition highlights the overwhelming support for the deal, which is expected to enhance market leadership across the West and create significant value for customers, communities, and shareholders of both institutions.
The companies are preparing for a swift and seamless closing following final regulatory approvals, and both express enthusiasm about uniting their exceptional and complementary franchises. The aim is to leverage the combined resources and capabilities to support customers.
The specifics of the financial metrics and changes since the last period are not provided in the press release. As a result of these announcements, the company's shares have moved 1.24% on the market, and are now trading at a price of $24.51. For more information, read the company's full 8-K submission here.
