Columbia Banking Acquires Pacific Premier in a $2 Billion All-Stock Deal

Columbia Banking System, Inc. (COLB) entered a merger agreement on April 24, 2025, to acquire Pacific Premier Bancorp, Inc. (PPBI) in an all-stock deal valued at $2 billion.

Deal Structure:

Under the terms of the merger agreement, Pacific Premier stockholders will receive 0.9150 of a share of Columbia common stock for each Pacific Premier share they own. The merger is valued at about $20.83 per Pacific Premier share, representing a 3.58% premium from the stock’s last close.

Company Profile:

Pacific Premier is a leading commercial bank headquartered in Irvine, California, providing banking and lending solutions to businesses, professionals, and nonprofit organizations across the Western U.S., with approximately $18 billion in assets and a network of 61 branches.

Columbia Banking is a Tacoma-based financial services company and the parent of Umpqua Bank, offering a full range of personal, business, and wealth management solutions across the Western U.S., with over $50 billion in assets and a network of over 150 branches.

Deal Details and Timeline:

Upon completion of the merger, anticipated in the second half of 2025, Pacific Premier stockholders will own approximately 30% of Columbia’s outstanding common stock.

The acquisition will strengthen Columbia Banking’s presence in the Western U.S., bringing total deposits to over $57 billion, and is expected to deliver mid-teen EPS accretion.

The combined company will have approximately $70 billion in assets. Following the completion of the merger, three Pacific Premier directors, including CEO Steve Gardner, will join Columbia’s board of directors.

Later this year, Umpqua Bank, a subsidiary of Columbia Banking System, plans to rebrand as Columbia Bank to enhance brand clarity.

Pacific Premier was advised by Keefe, Bruyette & Woods, A Stifel Company, with legal counsel from Holland & Knight. Columbia Banking received financial advice from Piper Sandler and legal representation from Sullivan & Cromwell.

Columbia Banking is paying 0.99 times the tangible book value for Pacific Premier.

Deal Metrics:

To obtain comprehensive information on this merger and acquisition deal, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Pacific Premier Bancorp, Inc. (PPBI) by Columbia Banking System, Inc. (COLB)

The Deal Metrics page provides:

• A spread history chart of the merger from announcement through to completion or failure.
• The merger’s progression is shown event by event, including the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• Relevant news and SEC filings.
• A history of deal updates.
• And much more.

Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article