The Fly

Columbia Banking agrees to sell seven branches to 1st Security

Columbia Banking System (COLB) announced that Columbia has entered into a purchase and assumption agreement to sell seven branches in Washington and Oregon to 1st Security Bank of Washington, the wholly-owned subsidiary of FS Bancorp (FSBW). Columbia and 1st Security will provide additional information to customers of the branches to be divested. The agreement includes approximately $510M in deposits and approximately $76M in loans as well as owned real estate and fixed assets associated with the branches. The branches are being divested to satisfy commitments to the U.S. Department of Justice, DOJ, in connection with Columbia Banking System’s pending merger with Umpqua Holdings Corporation. The sale is expected to be completed in the first quarter of 2023, subject to regulatory approvals and other closing conditions, including the consummation of Columbia Banking System’s merger with Umpqua.

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on COLB:

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More