Columbia Banking System has gotten a major boost from its takeover of Pacific Premier Bancorp Inc., once the largest bank with headquarters in Orange County.
“I would say we’re in the honeymoon period, but things are going really well,” says Columbia Bank’s Richard Cabrera, an Irvine-based executive vice president.
Effective Sept. 1, Columbia Bank (Nasdaq: COLB) began operating under a unified name and brand, completing the transition announced earlier this year from the Umpqua Bank name. One day later, Columbia Bank said it had closed the $2.4 billion acquisition of Irvine-based Pacific Premier.
“We’re excited to have new teammates here and a much larger presence in Southern California, particularly Orange County,” Cabrera told the Business Journal on Oct. 17.
For the quarter ended June 30, Pacific Premier reported total assets of $17.8 billion, down 2.9% from the prior year, same period. It ranked No. 2 on the Business Journal’s 2025 Banking list.
Still Community Bank Feel
Cabrera and Tom Rice, executive vice president and chief information officer, are both members of the bank’s Executive Leadership Team and are located in Irvine.
“The feeling in the bank with Pacific Premier becoming part of Columbia in a bigger bank but still having a community bank feel, gives a lot more capacity and headroom and safety and soundness that people have embraced,” Cabrera said.
He added: “The associates at Pacific Premier have felt that way, so that gives us much more scale and opportunity.”
The full integration will take a while.
“Though the merger is complete, the transition of Pacific Premier Bank systems and services to Columbia’s is not expected to take place until January 2026,” Tacoma, Washington-based Columbia says on its website.
Columbia Bank, under the previous name Umpqua, had been in Orange County for 12 years.
He said the bank now has about 700 employees in Southern California.
OC Economy Optimism
Cabrera also remains optimistic about the Orange County economy.
“The economy is actually holding up quite well, notwithstanding some headwinds that we’re facing,” said Cabrera.
He adds that “in the last 90 days or so there’s been a noticeable pickup in activity.”
OC has “a very vibrant economy that is quite resilient and has withstood many economic cycles.”
Steve Gardner on Board
Three former Pacific Premier directors joined Columbia’s board including Chairman and CEO Steve Gardner, who built Pacific Premier from near bankruptcy to more than $22 billion in assets over 25 years.
The addition of Irvine-based Pacific Premier, which was announced in April, helps Columbia’s strategic expansion in Southern California.
Columbia is active in areas including Northern California, Washington state, Oregon and Arizona in addition to Southern California.
“Columbia’s acquisition of Pacific Premier significantly accelerates our expansion in key western markets,” Columbia Banking Chief Executive Clint Stein said in a statement last month.
$70B Assets at Close
At the transaction’s close, Columbia’s assets increased to approximately $70 billion, with $50 billion in loans and $56 billion in deposits. The combined organization will operate more than 350 locations across eight western states.
Shares in Columbia Banking System were trading at $24.89 apiece for a market cap of $7.4 billion as of Oct. 20.
