The combined company will have approximately $7.2 billion in assets with more than 150 branches throughout Washington and Oregon and will rank number 1 in deposit market share amongst commercial community banks in the Pacific Northwest.
“We are very pleased that West Coast has agreed to join and grow with Columbia,” said Columbia Banking President and CEO Melanie J. Dressel in a press release. “We see this as an exciting opportunity for both companies, our shareholders, customers and employees to create the premier community banking franchise in the Pacific Northwest.”
The transaction is expected to be completed in the first quarter of 2013, after obtaining regulatory approval and approval from the shareholders of each company.