Umpqua Holdings Corporation’s Combination With Columbia Banking System

Sullivan & Cromwell advised Columbia, while Wachtell, Lipton, Rosen & Katz advised Umpqua on the deal.
Simpson Thacher advised JPMorgan as Financial Advisor on the deal.

Columbia Banking System, Inc. (“Columbia”) (Nasdaq: COLB), the parent company of Columbia State Bank, and Umpqua Holdings Corporation (“Umpqua”) (Nasdaq: UMPQ), the parent company of Umpqua Bank, have entered into a definitive agreement under which the companies will join together in an all-stock combination with a total market value of approximately $8.2 billion.

Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon, Idaho and California.

Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon- based community bank recognized for its entrepreneurial approach, innovative customer experience, and distinctive banking solutions. 

Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor to Columbia. J.P. Morgan Securities LLC is serving as financial advisor to Umpqua.

The Wachtell Lipton’s team was led by partners Edward D. Herlihy (Picture) and Jeannemarie O’Brien and included Eric M. Feinstein, Associate, Antonia R. Hyman, Associate, I. Andrew Mun, Associate (Corporate), Richard K. Kim, Partner, Amanda K. Allexon, Counsel (Bank Regulatory), Alicia C. McCarthy, Counsel, Amanda K. Toy, Associate (Executive Compensation and Benefits), Gregory E. Pessin, Partner, Rod N. Ghods, Associate, Joel M. Simwinga, Law Clerk (Finance), and Joshua M. Holmes, Partner (Tax). 

The Simpson Thacher team included Lee Meyerson, Sebastian Tiller and Stephen Wiseman (M&A).

The S&C team representing Columbia includes Patrick Brown, Mark Menting, Natalie Lum-Tai and Taylor Lackey. Heather Coleman, Aaron Levine, Rebecca Rabinowitz and Rachel Weiss are advising on executive compensation and employment matters. Nader Mousavi and Jay Thornton are advising on intellectual property matters. Joe Matelis, Eric Queen and Wil Gould are advising on antitrust matters. David Spitzer and Nir Fishbien are advising on tax matters.

Involved fees earner: Lee Meyerson – Simpson Thacher & Bartlett; Sebastian Tiller – Simpson Thacher & Bartlett; Stephen Wiseman – Simpson Thacher & Bartlett; Patrick Brown – Sullivan & Cromwell; Heather Coleman – Sullivan & Cromwell; Nir Fishbien – Sullivan & Cromwell; Aaron Levine – Sullivan & Cromwell; Natalie Lum-Tai – Sullivan & Cromwell; Joseph Matelis – Sullivan & Cromwell; Mark Menting – Sullivan & Cromwell; Nader Mousavi – Sullivan & Cromwell; Eric Queen – Sullivan & Cromwell; Rebecca Rabinowitz – Sullivan & Cromwell; David Spitzer – Sullivan & Cromwell; Jay Thornton – Sullivan & Cromwell; Amanda Allexon – Wachtell, Lipton, Rosen & Katz; Eric Feinstein – Wachtell, Lipton, Rosen & Katz; Rod Ghods – Wachtell, Lipton, Rosen & Katz; Edward Herlihy – Wachtell, Lipton, Rosen & Katz; Joshua Holmes – Wachtell, Lipton, Rosen & Katz; Antonia Hyman – Wachtell, Lipton, Rosen & Katz; Richard Kim – Wachtell, Lipton, Rosen & Katz; Alicia McCarthy – Wachtell, Lipton, Rosen & Katz; I. Andrew Mun – Wachtell, Lipton, Rosen & Katz; Jeannemarie O’Brien – Wachtell, Lipton, Rosen & Katz; Gregory Pessin – Wachtell, Lipton, Rosen & Katz; Amanda Toy – Wachtell, Lipton, Rosen & Katz;

Law Firms: Simpson Thacher & Bartlett; Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz;

Clients: Columbia Bank, MHC; JP Morgan; Umpqua Bank;