OK Fusion shareholders of Columbia Banking, Umpqua

Columbia Banking Systems, which is the parent company of Columbia State Bank, has been given the green light to merge with Umpqua Holdings, according to a report from Seeking Alpha.

The results of proposals voted on at special meetings of shareholders will be reported in corporate Forms 8-K.

“The receipt of shareholder approval marks an important milestone in our integration timeline,” said Clint Stein, President and CEO of Columbia. “The support for the transaction by each company’s respective shareholders is evidenced by an overwhelming number of voted shares voting in favor of the proposals required to complete the combination, which we believe will create significant shareholder value as it expands the opportunities for our customers, employees, and communities.

Meanwhile, Cort O’Haver, chairman and chief executive of Umpqua, said the vote “brings us closer to creating the leading regional bank headquartered in the West”.

“We look forward to providing further updates to our stakeholders as we continue to meticulously plan the merger of our two like-minded organizations.”

PYMNTS wrote about the companies’ intention to merge last year, writing that the companies had agreed to a $5.1 billion all-stock deal.

Read more: Columbia Banking and Umpqua Bank join forces for $5 billion

The combined institution has become one of the largest financial institutions on the West Coast.

The company will primarily operate in Washington, California and Oregon.

Columbia is the smaller bank, based in Tacoma, Washington, although it was the company that made the acquisition.

Stein was decided to be the new manager of the bank. He said the bank did not enter the deal with the idea of ​​moving its shares for a day – but rather with the intention of creating long-term value, he added.

Columbia also bought Bank of Commerce Holdings in Sacramento two weeks ago, which increased its assets from $18 billion to $20 billion.

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