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Columbia Banking System and Bank of Commerce Holdings Announce Shareholder and Regulatory Approvals and Anticipated Merger Closing Date
TACOMA, WA and SACRAMENTO, CALIF., Sept. 22, (GLOBE NEWSWIRE) -- Columbia Banking System, Inc. (NASDAQ: COLB, “Columbia”), the holding company for Columbia State Bank, and Bank of Commerce Holdings (NASDAQ: BOCH, “Bank of Commerce”), the holding company for Merchants Bank of Commerce, today jointly announced approval by Bank of Commerce shareholders for their proposed merger, and the receipt of all required regulatory approvals. The merger was announced on June 23, and the transaction is expected to be completed on or about October 1,
Ninety-eight percent of the Bank of Commerce Holdings common shares voting at Bank of Commerce’s special meeting voted in favor of the merger, representing more than 63% of all outstanding Bank of Commerce Holdings common shares.
Clint Stein, President and Chief Executive Officer of Columbia, said, “We are pleased to see the smooth and quick completion of all customary approvals required to welcome Merchants Bank of Commerce into the Columbia Bank family. Teams from both banks have partnered well to prepare for a seamless close to the merger.”
Randy Eslick, President and Chief Executive Officer of Bank of Commerce, said, “Over the course of the past few months, our teams have worked closely with one another and completed a tremendous amount of planning and preparation. We are excited to embark on the next chapter of Merchants Bank of Commerce, expanding the array of solutions we can bring to our clients and the communities we serve.”
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. The bank has been named one of Puget Sound Business Journal's “Washington's Best Workplaces,” more than 10 times and was ranked #1 in Customer Satisfaction with Retail Banking in the Northwest region by J.D. Power in the U.S. Retail Banking Satisfaction Study. Columbia was named the #1 bank in the Northwest on the Forbes list of “America's Best Banks” marking nearly 10 consecutive years on the publication's list of top financial institutions.
About Bank of Commerce
Bank of Commerce Holdings is a bank holding company headquartered in Sacramento, California and is the parent company for Merchants Bank of Commerce (the “Bank”). The Bank is an FDIC-insured California banking corporation providing community banking and financial services in northern California along the Interstate 5 corridor from Sacramento to Yreka and in the wine region north of San Francisco. The Bank was incorporated as a California banking corporation on November 25, and opened for business on October 22, The Company’s common stock is listed on the NASDAQ Global Market and trades under the symbol “BOCH”.
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of These forward-looking statements include, but are not limited to, descriptions of Columbia and Bank of Commerce’s management’s beliefs, goals, intentions and expectations regarding future events and developments such as operating results, growth in loans, the continued success of Columbia and Bank of Commerce’s style of banking and the strength of the local economy as well as the potential effects of columbia bank home COVID pandemic on Columbia and Bank of Commerce’s business, operations, financial performance and prospects, statements relating to the terms, timing and closing of the proposed transaction, and other statements that are not historical facts. The words “will,” “believe,” “expect,” “intend,” “should,” “outlook,” “estimate,” “forecast,” “project,” “would,” and “anticipate” or the negative of these words or words of similar construction are intended in part to help identify forward-looking statements, which are subject to numerous assumptions, risks, and uncertainties that change over time. Future events are difficult to predict, and the expectations described above are necessarily subject to risks, assumptions and uncertainties, many of which are outside our control, that may cause actual results to differ materially and adversely from those indicated in such forward-looking statements. In addition to discussions about risks, assumptions and uncertainties set forth from time to time in Columbia and Bank of Commerce’s filings with the Securities and Exchange Commission, available at the U.S. Securities and Exchange Commission's (the “SEC”) website at mynewextsetup.us and the Company’s website at mynewextsetup.us, 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 K and quarterly reports on Form 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:
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 and do not assume any duty 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 Bank Review: A Community Banking Option With Low Account Minimums
Reviews / Banking
Our take: Columbia Bank has some compelling features, although you'll need higher balances or qualifying activities to unlock all of the bank's best features.
- Customer Service
- Account Offerings
- Account Minimums
- Services and Accessibility
How did we calculate this?
- High-quality mobile app
- Community-based personal service
- Variety of checking and money market accounts
- No free savings accounts without qualifying activities or minimums
About Columbia Bank
Columbia Bank is a community bank that traces its roots back to Headquartered in Tacoma, Washington, Columbia Bank now has more than branches throughout Washington, Idaho and Oregon. It offers the standard checking and savings accounts you expect in a community bank, as well as personal and home loans, credit cards, business accounts and investment services.
Columbia Bank Products
Even though it’s a community-based institution, Columbia Bank offers a comprehensive range of account types. Here’s a quick overview:
|Money Market Account|
Columbia Bank Checking Accounts
Columbia Bank has three different checking accounts. The Foundation Account is for customers age 17 and younger, the Neighborhood Account is the standard checking account, and the Relationship Columbia bank home is the bank’s premier checking option.
- $3 monthly fee for the Foundation Account
- $5 monthly fee for the Neighborhood Account, which can be waived with either a $2, minimum daily balance, one direct deposit, 10 debit card transactions, or if the customer is age 62 or older or has a military or student ID
- $20 monthly fee for the Relationship Account, which can be waived with a $10, minimum daily balance or combined balances of $25, or more
- Interest earned on Relationship Account balances of $2, or more
- All checking accounts have a $25 minimum to open
Columbia Bank offers a variety of checking accounts to meet customer needs. The top-tier Relationship Account refunds non-Columbia Bank ATM fees, and it offers three complimentary boxes of checks per year and up to a $25 annual refund on a safe deposit box rental. There are no overdraft fees with the Foundation Account because the bank declines transactions when there’s not enough money in the account.
Only one of the Columbia Bank checking accounts pays interest, and the annual percentage yield is low, peaking at % for Relationship Account customers with at least $,
Columbia Bank Savings Account
Columbia Bank offers a single savings account, dubbed Everyday Savings. In addition to paying interest, the account offers free in-network ATM transactions.
- $3 monthly maintenance fee, but can be waived with one or more of the following: a minimum $ daily midland community theater, automatic $25 monthly transfers from another Columbia Bank account, or an account holder below age 18
- $25 minimum opening deposit, or $5 for those age 17 and younger
- Free Columbia Bank ATM transactions; $ for out-of-network transactions
The Columbia Bank Everyday Savings account has a low monthly fee that is easily avoidable, along with a modest $25 columbia bank home opening deposit.
Columbia Bank has a $35 overdraft fee, which is higher than at certain other banks. Rates may vary by location and balance, but near the bank’s Spokane location, the Everyday Savings APY is a rock-bottom %.
Columbia Bank Money Market Accounts
Columbia Bank offers two money market accounts: the Boost Money Market and Premier Money Market. You get more perks columbia bank home the Premier Money Market account, including one free pack of checks per columbia bank home interest rates
There are no check or debit charges with either money market account at Columbia Bank. ATM use at Columbia Bank machines is free, as is one pack of checks per year with the Premier Money Market account.
The Columbia Bank money market accounts have high monthly maintenance fees of $10 and $15, and the balances required to avoid those fees are also on the high side, at $1, and $10, respectively. APYs are low compared with other banks, topping columbia bank home at a % APY for Premier Money Market balances of at least $1 million.
Columbia Bank CD Accounts
Columbia Bank offers CDs in both taxable accounts and individual retirement accounts. GOBankingRates has ranked Columbia Bank’s CD offerings among the Best CD Accounts of
- $ minimum deposit
- Maturities from 30 days to 60 months
- Jump & Bump CD allows extra deposits and a one-time rate jump, if applicable
- Interest compounded quarterly on traditional CDs with maturities of at least one year
- Jumbo CDs for deposits of at least $,
The low minimum deposit of $ on CDs provides easy access for most customers. The Jump & Bump offering allows unlimited additional contributions, with a minimum add-on of $ Rates are tiered, although currently there is no bonus given for larger deposits.
The maturity schedule is fairly limited, with no offerings with term lengths longer than 60 months available. Rates across the board for traditional CDs are low, topping out at % even for jumbo CDs, although the Jump & Bump offering does carry a % APY to start.
As a community bank, the Columbia Bank experience is more tailored to in-person interactions. The website provides basic information, including helpful financial calculators and articles on finance, but overall the digital experience isn’t as robust as with online-only banks.
Physical Branch Locations
Columbia Bank has more than branch locations in Washington, Oregon and Idaho.
Mobile and Digital Experience
Columbia Bank offers complete access to customer accounts via online and mobile platforms, letting customers deposit checks, pay bills and transfer funds wherever they are. The mobile app, which receives stars on the App Store and stars on Google Play, offers remote check deposit.
How To Open a Columbia Bank Account
To open an account at Columbia Bank, you’ll need to visit a branch.
You can reach Columbia Bank at Hours are 6 a.m. to 8 p.m. PT Monday through Friday, and 8 a.m. to 5 p.m. on Saturdays. The bank also offers 24/7 telephone banking at as well as a live chat facility online.
Customer service number:
Columbia Bank Fees
As a traditional bank, Columbia has a roster of fees. Most can be avoided by meeting certain criteria, especially in terms of monthly maintenance fees. The $35 overdraft fee at Columbia is higher than at certain other banks, as is the cost of a wire transfer, columbia bank home can hit $ If you make more than six monthly transactions in your savings or money market account, you’ll get hit with a $5 excess transaction fee. Cashier’s checks cost $8 each, and non-Columbia Bank ATM transactions cost $
Columbia Bank has a wide range of products and services, but it is geographically limited to the Pacific Northwest, and its APYs can’t compete with online competitors. The high-quality mobile app keeps customers in touch even if they stray out of the bank’s primary service area, so location shouldn’t necessarily preclude potential customers from opening an account.
Low account minimums and a good variety of basic account types make Columbia Bank a decent option for those in the Pacific Northwest looking for a community banking option.
Columbia Bank FAQHere are the answers to some commonly asked questions about Columbia Bank.
- Where is Columbia Bank located?
- Columbia Bank has branches in Washington, Idaho and Oregon. It is headquartered in Tacoma, Washington.
- How many branches does Columbia Bank have?
- Columbia Bank has more than branches.
- Does Columbia Bank use Zelle?
- Columbia Bank offers Zelle, and peer-to-peer transfers are free.
- Does Columbia Bank have mobile deposit?
- Yes, Columbia Bank offers mobile deposit via iPhone, iPad or mobile phone or tablet columbia bank home Android.
- Does Columbia Bank offer free money for signing up for an account?
Rates are subject to change. Information on accounts is accurate as of Dec. 2,
This content is not provided by Columbia Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Columbia Bank.
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About the Author
After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $ million in client assets while providing individualized investment plans for hundreds of clients.
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The parent company of Portland-based Umpqua Bank is being acquired by Columbia Banking System in a $ billion, all-stock columbia bank home that will retain the Umpqua brand and split the business’ headquarters between Tacoma and Portland’s suburbs.
The combined bank will put its corporate office in Tacoma, Columbia’s headquarters. Umpqua said it will move its Portland office out of the downtown tower named rockland county journal news sports the bank and into new offices on Kruse Way in Lake Oswego sometime next year.
The bank’s move out of downtown is another blow to Portland’s core, which has been buffeted by protests, vandalism, homelessness, violent crime and prolonged, pandemic-related office closures.
Kurt Heath, Umpqua’s vice president of corporate communications, said in a written statement that the pandemic fundamentally changed the bank’s operations as more of its employees began working remotely.
“In asking them how they want to work in the future, it turns out that many of them really value the flexibility and work-life balance that a remote or hybrid work arrangement provides,” Heath wrote. “That also provides the company with a significant opportunity to consolidate our back-office locations and adopt a new model that locates offices in parts of the city where our people live.”
Columbia Bank will have $43 billion in deposits after the deal, $16 billion in Oregon. Columbia CEO Clint Stein will run the combined business from Tacoma while Umpqua CEO Cort O’Haver will be the company’s chairman.
Umpqua is Oregon’s largest bank; its shareholders will own 62% of the combined business when the deal closes in the middle of Umpqua shares fell % on the news, dropping 98 cents to $ Columbia’s shares fell %, to $
The companies indicated Tuesday they expect $ million in savings from the combination and said they will close some bank branches following the deal, but did not say how many or where.
It’s an unusual deal, in that Columbia is the legal acquirer and will be the corporate entity after the transaction closes. Umpqua, though, is the bigger bank and its name will survive as the company’s retail brand. It will be chartered in Oregon.
Founded in the small, southern Oregon timber town of Canyonville inUmpqua was originally South Umpqua State Bank. The corporate headquarters moved from Roseburg to Portland in
Umpqua employs 4, Columbia had 2, workers at the start of the year. The combined bank will have operations in Oregon, Washington Idaho, California and Nevada. It will trade under Columbia’s ticker symbol, COLB.
The companies said they are combining to capitalize on Columbia’s small-business focus and Umpqua’s corporate banking. They will call their holding company Columbia Banking System but their branches will bear the Umpqua name.
Umpqua columbia bank home the biggest of the four publicly traded companies with headquarters in downtown Portland. The others are NW Natural, Portland General Electric and Schnitzer Steel Industries.
Umpqua’s new Lake Oswego’s office is 25, square feet. The bank will retain a branch in the downtown plaza that bears the Umpqua name but it wasn’t immediately clear if the name will change after the corporate office leaves.
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