Columbia Banking System Inc. today announced it has closed the $2.4 billion acquisition of Pacific Premier Bancorp Inc., once the largest bank with headquarters in Orange County.
The addition of Irvine-based Pacific Premier, which was announced in April, helps Columbia’s strategic expansion in Southern California by more than a decade and further solidifies its market leadership in Northern California, Washington, Oregon and Arizona, the Tacoma, Wash.-based Columbia Banking said in a statement.
“Columbia’s acquisition of Pacific Premier significantly accelerates our expansion in key western markets,” Columbia Banking Chief Executive Clint Stein said in a statement.
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. The company expects to integrate Pacific Premier’s systems and services in the first quarter of 2026.
Effective Sept. 1, Columbia Bank began operating under a unified name and brand, completing the transition announced earlier this year from the Umpqua Bank name.
Three former Pacific Premier Directors joined Columbia’s board of directors, including Chairman and CEO Steve Gardner, who during a 25-year span built the bank from near bankruptcy to more than $22 billion in assets.
Columbia shares rose 1% today to $27.03 and a $5.7 billion market cap (Nasdaq: COLB). On Pacific Premier’s final day of trading on Aug. 29, shares were unchanged at $24.49 and a $2.4 billion market cap (Nasdaq: PPBI).
