Tacoma, Washington-based Columbia Banking System Inc., the parent company of Umpqua Bank, has agreed to acquire Irvine, California-based Pacific Premier Bancorp Inc. in a $2 billion transaction.

In addition to announcing the acquisition, Columbia Banking System also disclosed that Lake Oswego, Oregon-based Umpqua Bank will be changing its name to Columbia Bank later this year to ensure brand clarity and align better with the parent-company name. 

Umpqua Bank, which merged with Columbia Banking System in 2023, has 11 locations in Spokane and Kootenai counties.

The Columbia Bank name aligns better with a variety of other companies that Columbia Banking System operates, including Columbia Wealth Management, Columbia Trust Company, Columbia Private Bank, and Columbia Wealth Advisors.

The acquisition of Pacific Premier Bancorp., which is the parent company of Pacific Premier Bank, is expected to close in the second half of 2025.

Per the agreement, Pacific Premier stockholders will receive 0.915 of a share of Columbia Banking System common stock for each share of Pacific Premier they own. Following closing, Pacific Premier stockholders will own approximately 30% of Columbia’s outstanding common-stock shares.

Three Pacific Premier directors, including Chairman, President, and CEO Steve Gardner, will join the Columbia Banking System board of directors.

The combined company is expected to have about $70 billion in assets following the closing of the acquisition.

Columbia Banking System (Nasdaq: COLB) stock traded at $23.32 per share at the close of the market on April 24. That's up from its 52-week low of $18.11 per share and down from its 52-week high of $32.85 per share.