TACOMA, Wash. and EUGENE, Ore., Oct. 10,
2017 /PRNewswire/ -- Columbia Banking System, Inc. (NASDAQ:
COLB, "Columbia"), the parent
company of Columbia Bank, and Pacific Continental Corporation
(NASDAQ: PCBK, "Pacific Continental"), the parent company of
Pacific Continental Bank, today jointly announced the receipt of
the required regulatory approval from the Federal Reserve Board for
their proposed merger. Columbia and Pacific Continental previously
announced the receipt of the required approvals from the
shareholders of both companies, the Federal Deposit Insurance
Corporation and state regulators. Subject to customary
closing conditions, the transaction is expected be completed on
November 1, 2017.
Hadley Robbins, President and
Chief Executive Officer of Columbia, said, "We are pleased to have
received the last of the required approvals for the acquisition of
Pacific Continental. We look forward to completing the
transaction and further strengthening our position as the premier
regional community bank in the Northwest."
Roger Busse, President and Chief
Executive Officer of Pacific Continental, said, "To date our teams
have completed a tremendous amount of planning. We are
excited to enter this next phase as we bring these two great
organizations together for the mutual benefit of our clients,
communities, shareholders, and employees."
About Columbia
Headquartered in Tacoma,
Washington, Columbia Banking System, Inc. is the holding
company of Columbia Bank, a Washington
state-chartered full-service commercial bank with locations
throughout Washington,
Oregon and Idaho. For the
eleventh consecutive year, the bank was named in 2017 as one
of Puget Sound Business Journal's "Washington's Best Workplaces."
Columbia ranked in the top 30 on
the 2017 Forbes list of best banks. More
information about Columbia can be
found on its website at www.columbiabank.com.
About Pacific Continental
Pacific Continental Bank, the operating subsidiary of Pacific
Continental Corporation, delivers highly personalized services
through 14 banking offices in Oregon and Washington. The Bank also
operates loan production offices in Tacoma, Washington and Denver, Colorado. Pacific Continental,
with $2.5 billion in assets, has
established one of the most unique and attractive metropolitan
branch networks in the Pacific Northwest with offices in three of
the region's largest markets including Seattle, Portland and Eugene. Pacific Continental
targets the banking needs of community-based businesses, health
care professionals, professional service providers and nonprofit
organizations.
Since its founding in 1972, Pacific Continental Bank has been
honored with numerous awards and recognitions from highly regarded
third-party organizations including the Seattle Times, the Portland Business
Journal, Seattle Business magazine and Oregon
Business magazine. A complete list of the company's
awards and recognitions – as well as supplementary information on
Pacific Continental Bank – can be found online at
www.therightbank.com. Pacific Continental Corporation's shares are
listed on the Nasdaq Global Select market under the symbol "PCBK"
and are a component of the Russell 2000 Index.
Note Regarding Forward-Looking Statements
This news
release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
descriptions of Columbia's
management's expectations regarding future events and developments
such as future operating results, growth in loans and deposits,
continued success of Columbia's
style of banking and the strength of the local economy. The words
"will," "believe," "expect," "intend," "should," and "anticipate"
or the negative of these words or words of similar construction are
intended in part to help identify forward looking statements.
Future events are difficult to predict, and the expectations
described above are necessarily subject to risks and uncertainties,
many of which are outside our control, that may cause actual
results to differ materially and adversely. In addition to
discussions about risks and uncertainties set forth from time to
time in Columbia's filings with
the Securities and Exchange Commission, available at the SEC's
website at www.sec.gov and the Company's website
at www.columbiabank.com, including the "Risk Factors,"
"Business" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of our annual reports
on Form 10-K and quarterly reports on Form 10-Q, (as applicable),
factors that may cause actual results to differ materially from
those contemplated by such forward-looking statements include,
among others, the following: (1) local, national and
international economic conditions may be less favorable than
expected or have a more direct and pronounced effect on
Columbia than expected and
adversely affect Columbia's
ability to continue its internal growth at historical rates and
maintain the quality of its earning assets; (2) changes in interest
rates could significantly reduce net interest income and negatively
affect funding sources; (3) projected business increases following
strategic expansion or opening or acquiring new branches may be
lower than expected; (4) costs or difficulties related to the
integration of acquisitions may be greater than expected; (5)
competitive pressure among financial institutions may increase
significantly; (6) legislation or regulatory requirements or
changes may adversely affect the businesses in which Columbia is engaged; and (7) the proposed
merger with Pacific Continental Corporation ("Pacific Continental")
may not close when expected or at all because conditions to closing
are not satisfied on a timely basis or at all, which may have an
effect on the trading prices of Columbia's stock. We believe the expectations
reflected in our forward-looking statements are reasonable, based
on information available to us on the date hereof. However, given
the described uncertainties and risks, we cannot guarantee our
future performance or results of operations and you should not
place undue reliance on these forward-looking statements which
speak only as of the date hereof. We undertake no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by the federal securities laws. The factors noted above
and the risks and uncertainties described in our SEC filings should
be considered when reading any forward-looking statements in this
release.
Columbia Banking System Contacts:
Hadley S. Robbins, President and Chief Executive
Officer
Clint E. Stein, Executive Vice
President and Chief Operating Officer
Investor
Contact:
InvestorRelations@columbiabank.com
(253) 305-1921
Media Contact:
Moira
Conlon
Financial Profiles, Inc.
(310) 622-8220
Pacific Continental Contact:
Roger Busse
President and Chief Executive Officer
(541) 686-8685
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SOURCE Columbia Banking System, Inc.