Columbia Banking System, Inc. (NASDAQ: COLB) and Pacific Continental Corporation (NASDAQ: PCBK) announced the signing of a definitive agreement to merge Pacific Continental into Columbia to form a combined company with approximately $12 billion in assets with over 150 branches throughout Washington, Oregon and Idaho. The transaction is valued at approximately $644.1 million.
The transaction, expected to close in mid-2017, was the first bank merger announced this year.
D.A. Davidson served as exclusive financial advisor to Oregon-based Pacific Continental in the transaction.
The merger is expected to strengthen Columbia’s presence in key metropolitan markets across the Pacific Northwest.
Full details can be found here.