Columbia Banking System Inc said it agreed to purchase West Coast Bancorp in a deal valued at about $506 million, expanding its footprint in Washington and Oregon. Columbia Banking said it would pay for the deal with $264.5 million in cash and 12.8 million shares.West Coast shareholders can choose to receive payment in common stock, cash or a combination of the two.Columbia said West Coast shareholders would receive about $23.10 per share, a 14 percent premium to the stock's Tuesday close.Columbia's shares closed at $18.85 on the Nasdaq on Tuesday. West Coast's stock closed at $20.18.
Columbia Banking System, Inc. is a bank holding company whose wholly owned banking subsidiary, Columbia State Bank (Columbia Bank or the Bank) also does business under the Bank of Astoria name and conducts full-service commercial banking business in the states of Washington and Oregon. Shares of COLB remained unchanged at $18.85. In the past year, the shares have traded as low as $13.46 and as high as $23.52. On average, 165483 shares of COLB exchange hands on a given day and today's volume is recorded at 0.
West Coast Bancorp (Bancorp) is a bank holding company. Shares of WCBO remained unchanged at $20.18. In the past year, the shares have traded as low as $13.57 and as high as $20.99. On average, 49273 shares of WCBO exchange hands on a given day and today's volume is recorded at 0.
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