Mobile Menu Locations Contact

Return to Mergers & Acquisitions

Deal Overview

Columbia Banking System, Inc.
Actual Acquirer:
Columbia Banking System, Inc.
Pacific Continental Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Common Stock ($M) 642.6
Common Stock Issued 14,535,730

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 235.4 219.3
Price / Tangible Book (%) 316.9 287.5
Price / Earnings (x) 30.0 21.9
Price / Deposits (%) 30.77 30.91
Price / Assets (%) 26.01 25.47
Tangible Book Premium/ Deposits (%) 21.40 20.82
Deal Terms
Description of Consideration

Columbia Banking System Inc. exchanged 0.6430 shares of its common stock for each of the outstanding share of Pacific Continental Corp. Exchange ratio was subject to adjustment based on Columbia Banking System Inc.’s closing price within a $27.76-$37.56 cap/floor. Columbia Banking System Inc. assumed Pacific Continental Corp.'s Subordinated Debentures. Columbia Banking System Inc. also assumed trust preferred securities of Pacific Continental Corp. and discharge Pacific Continental Bank’s FHLB borrowings.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 383,080
Estimated Cost Savings (%) 34.00
Estimated Cost Savings ($ 000) 19,400
Est. Restructuring Charges ($ 000) 30,400
Maximum Termination Fee ($ 000) 18,750
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.643000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 46,875
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Sullivan & Cromwell LLP
Seller Yes Pillsbury Winthrop Shaw

Follow Columbia Bank