Branches are divested to meet US Department of Justice (DOJ) requirements for Columbia Ongoing merger with Umpqua
TACOMA, Wash. and DIXON, Calif., November 7, 2022 /PRNewswire/ — Columbia Banking System, Inc. (NASDAQ: COLB) (“Colombia“), the parent company of Columbia Bank, today announced that Columbia Bank has entered into a definitive purchase and assumption agreement with First Northern Bank (“First Northern”), a wholly owned subsidiary of First Northern Community Bancorp (OTCQB: FNRN) sell three branches to Northern California.
The branches, as well as about $128 million of total deposits and approximately $4 million of total loans, are transferred to honor commitments to the United States Department of Justice (“DOJ”) under the Columbia pending merger with Umpqua Holdings Corporation (“Umpqua”). After the merger, Columbia Bank will serve the Northern California market through Umpqua Bank branches in the same communities.
Colombia and First Northern will provide additional information to customers affected by this transaction. The sale is expected to close in the first quarter of 2023, subject to regulatory approval and other closing conditions, including the completion of Columbia merger with Umpqua. All employees will be retained by First Northern and the branches will remain in operation.
“We are confident in First Northern’s commitment to their communities and know that they will work tirelessly to make the transition seamless for these customers,” said Columbia’s President and CEO. Clint Stein said. “This agreement satisfies a key DOJ requirement to proceed with the closing of our transformational merger with Umpqua.”
“We are excited about the expansion of our franchise through the proposed acquisition of these branches,” said First Northern President and CEO, Louise A. Walker, commented. “These markets are a great fit for First Northern and allow us to expand our footprint north along the I-5 corridor. We are committed to serving the communities of coluse, Orleans and willows and I look forward to welcoming the Colombia branch employees with open arms and offering our new customers and communities the exceptional brand of personalized service of First Northern Bank. »
Colombia will transfer the following branches:
- 558 Market Street, Colusa, California
- 328 Walker Street, Orland, California
- 155 N. Tehama Street, willows, california
Based in Tacoma, WashingtonColumbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a full-service commercial bank licensed in the State of Washington, with offices in Washington, Oregon, California, Idaho and Utah. The bank was named one of Puget Sound Business Journal “from washington Best Workplaces”, more than 10 times. Columbia was named on the Forbes 2022 list of “America’s Top Banks” marking 11 consecutive years on the publication’s list of top financial institutions. More information about Columbia can be found on its website at www.columbiabank.com.
About First Northern
First Northern Bank is an independent community bank specializing in relationship banking. The Bank, whose head office is in Solano County since 1910, currently serves Solano, yolo, Sacramento, Usherand Against Costa counties, as well as the western slope of El Dorado County. Experts are available for small business, commercial, real estate and agribusiness loans, as well as mortgages. The bank is a preferred lender of the SBA. Non-FDIC insured investing and brokerage services are available at all branches, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn and Rancho Cordoba. The Bank also has a commercial credit office in Walnut Creek. Home and small business loan officers are available by appointment at any of the Bank’s 11 branches. First Northern is classified as a Veribanc “Blue Ribbon” bank and a “5-Star Superior” bank by Bauer Financial for the earnings period ended June 30, 2022 (veribanc.com) and (bauerfinancial.com). The Bank can be found on the web at thatsmybank.com, on Facebook and on LinkedIn.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which may be identified by words such as “may”, “expected”, “anticipate”, “continue” or other words comparable. In addition, all statements other than statements of historical fact that discuss activities that Colombia or First Northern anticipates or expects to occur or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of Colombia or First Northern, in particular their respective annual report on Form 10-K for the fiscal year ended December 31, 2021for meaningful cautionary language explaining why actual results may differ materially from those anticipated by management.
SOURCEColumbia Banking System, Inc.