Two banks with branches in Idaho will combine.
Columbia Banking System of Tacoma and Umpqua Bank of Portland announced they would merge. Columbia operates seven locations across the Treasure Valley, while Umpqua has five locations in SW Idaho.
The merge will co-mingle the two banks’ leadership teams, and at the corporate level will take on the name Columbia Banking System – but will use the Umpqua name on bank branch locations. Umpqua shareholders will hold the majority of the new company – with 62% equity in the combined business. Together, the bank will have about $50 billion in assets.
“Together, with increased scale, we’ll have the ability to provide expanded opportunities for associates and serve customers through an even more comprehensive suite of solutions. We’ll also be able to strengthen our ongoing investment in our communities and deliver tremendous value for shareholders,” Umpqua CEO Cort O’Haver said. “I look forward to partnering with the Columbia team to expand our market share as a combined organization.”
The deal is expected to close next year.
Umpqua acquired Spokane-based Sterling Savings Bank in 2013. Sterling entered the Boise market in 2005 with a branch in Downtown Boise, now branded under Umpqua. Columbia just opened in Downtown Boise with a branch in 2020.