Columbia Banking, Pacific Premier announce regulatory approvals

Columbia Banking System (COLB), the parent company of Columbia Bank, and Pacific Premier Bancorp (PPBI), the parent company of Pacific Premier Bank, National Association, jointly announced the receipt of all required regulatory approvals for the previously announced all-stock transaction pursuant to which Columbia will acquire Pacific Premier. The transaction was announced on April 23 and is expected to be completed on or around August 31, pending the satisfaction or waiver of the remaining customary closing conditions outlined in the merger agreement governing the transaction. Regulatory approvals have been granted by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Oregon Department of Consumer and Business Services, Division of Financial Regulation. As previously announced, all required shareholder and stockholder approvals related to the proposed transaction were received on July 21. “We are pleased with the overwhelming support from our shareholders and the swift and transparent approval process from our regulators. This acquisition reinforces our position as a market leader across the West and enhances our ability to deliver long-term value to our customers, communities and shareholders. Our teams have already made remarkable progress in the planning for a seamless integration, and we are excited to welcome Pacific Premier’s customers and associates to Columbia upon the closing of the transaction,” said Clint Stein, President and CEO of Columbia.