COLB - Columbia Banking System and Umpqua Holdings get FDIC approval and give expected closure timeline
- Columbia Banking System ( NASDAQ: COLB ) and Umpqua Holdings ( NASDAQ: UMPQ ), the parent company of Umpqua Bank, jointly announced that the Federal Deposit Insurance Corporation (the FDIC) has approved the previously announced combination of the two companies.
- The merger is expected to be completed by the end of February.
- Columbia and Umpqua have agreed to extend the outside date under the merger agreement to March 11, 2023.
- Upon closing, the combined company will become one of the largest banks headquartered in the West, with over $50B in assets and offices in eight western states that serve customers in all 50 states.
- "Our combination, and all the potential it holds to unlock value for our customers, communities, associates and shareholders, is one step closer to becoming reality," said Cort O'Haver, President and CEO of Umpqua. "We are thrilled to complete this combination and begin moving forward as one bank."
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Columbia Banking System and Umpqua Holdings get FDIC approval and give expected closure timeline