Columbia Bank acquires Pacific Continental
Tacoma’s Columbia Bank certainly isn’t one to start a new year slowly.
Last month, the company announced its purchase of Eugene, Ore.-based Pacific Continental Bank, a transaction valued at approximately $644.1 million. The combined company will have approximately $12 billion in assets, with over 150 branches throughout Washington, Oregon and Idaho.
The acquisition is expected to close in mid-2017; upon closing, Pacific Continental shareholders will own approximately 20 percent of the combined company. Also upon finalization of the deal, Pacific Continental’s branches will switch to the Columbia name and branding.
“This merger exceeds our financial metrics with double digit earnings accretion and a tangible book value earnback of 3.7 years,” said Melanie J. Dressel, president and CEO of Columbia, in a January statement.
“We look forward to continuing Pacific Continental’s leadership position in the Eugene market, while enhancing our presence in the Portland and Seattle markets with the help of Pacific Continental’s key niche practice and market leaders.”
According to Dressel, one current community-based director from Pacific Continental’s board of directors will join the board at Columbia.