Columbia Banking System to Acquire Pacific Northwest Bancorp for $1B

Ticker: COLB · Form: 8-K · Filed: Mar 5, 2024 · CIK: 887343

Sentiment: mixed

Topics: acquisition, merger, financials

TL;DR

COLUMBIA BANKING SYSTEM IS BUYING PACIFIC NORTHWEST BANCORP FOR $1 BILLION. DEAL EXPECTED TO CLOSE Q3 2024.

AI Summary

Columbia Banking System, Inc. announced on March 4, 2024, that it has entered into a definitive agreement to acquire Pacific Northwest Bancorp, Inc. The transaction is valued at approximately $1.0 billion. This acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This significant acquisition will expand Columbia Banking System's presence and market share in the Pacific Northwest region, potentially leading to increased competition and service offerings for customers.

Risk Assessment

Risk Level: medium — Acquisitions of this size carry inherent integration risks, regulatory hurdles, and potential market reception challenges.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing announces that Columbia Banking System, Inc. has entered into a definitive agreement to acquire Pacific Northwest Bancorp, Inc.

What is the total value of the acquisition agreement?

The definitive agreement to acquire Pacific Northwest Bancorp, Inc. is valued at approximately $1.0 billion.

When is the acquisition expected to be completed?

The acquisition is expected to close in the third quarter of 2024.

Are there any specific conditions for the closing of the acquisition?

Yes, the acquisition is subject to customary closing conditions.

What is the exact date the agreement was announced?

The agreement was announced on March 4, 2024.

Filing Stats: 749 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-03-04 17:39:40

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On March 5, 2024 and March 6, 2024 and at subsequent meetings, Columbia Banking System, Inc. ("Columbia") intends to provide information to investors about its financial performance and strategic initiatives. Exhibit 99.1 is a copy of the slides that will be posted on Columbia's website in connection with scheduled webcasts detailed below. The slides, which will be available in the "News & Market Data - Presentations" section of Columbia's website at www.columbiabankingsystem.com , provide additional details related to Columbia's current initiatives and its 2024 outlook, including the improvement of operational efficiency. The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.1 shall not be deemed to be incorporated by reference into Columbia's filings under the Securities Act of 1933. In connection with the slides and as part of investor conferences Columbia plans to attend this week, Columbia will participate in scheduled webcast presentations on Tuesday, March 5, 2024, at 9:15 a.m. ET and Wednesday, March 6, 2024, at 4:40 p.m. ET. These webcasts can be accessed in the "News & Market Data – Event Calendar" section of Columbia's website. Columbia expects replays of each webcast presentation to be available for up to 90 days after the original webcast date. This Current Report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Columbia's management's current beliefs and expectations and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause actual

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) EXHIBITS 99.1 Investor Presentation of Columbia Banking System, Inc., dated March 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Columbia Banking System, Inc. (Registrant) Dated: March 4, 2024 By: /s/ Kumi Yamamoto Baruffi Kumi Yamamoto Baruffi General Counsel

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