Columbia Banking System Inc said it would purchase West Coast Bancorp for about $506 million to expand its footprint in Washington and Oregon, the latest in a slew of deals in the community bank sector.There have been 5 deals by publicly listed community banks this month, with values ranging from $3 million to over $900 million. Industry experts have predicted an increase in small bank mergers in the next few years.The combination of Columbia Banking and West Coast Bancorp would have about $7.2 billion in assets and over 150 branches. There are over 7200 banks in the United States, the vast majority of which have less than $10 billion in assets.Columbia Banking said it would pay for the deal with $264.5 million in cash and 12.8 million shares.
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.
Source
