By Stephen Nakrosis

Columbia Banking System said it agreed to acquire Pacific Premier Bancorp in an all-stock transaction valued at roughly $2 billion.

The combined company will have about $70 billion in assets, and the transaction is expected to close in the second half of this year, the companies said Wednesday.

Under the terms of the deal, stockholders will receive 0.9150 of a share of Columbia common stock for each Pacific Premier share, valuing the shares at $20.83 based on Columbia's closing price of $22.77 on April 22, according to the companies.

Three Pacific Premier directors, including chairman, president, and chief executive officer Steve Gardner, will join the Columbia board once the transaction is completed.

The agreement was unanimously approved by the boards of both companies.

Columbia Banking System, is the parent company of Umpqua Bank, and Pacific Premier Bancorp, is the parent company of Pacific Premier Bank, NA.

Also on Wednesday, Columbia Banking said Umpqua Bank plans to change its name to Columbia Bank later this year.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 23, 2025 17:43 ET (21:43 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.