Columbia Bank completes West Coast acquisition
But David Devine, senior vice president and marketing director, said the only change West Coast customers will experience initially is a set of temporary Columbia Bank banners posted at West Coast locations. “They can continue to bank as they would have, and can bank at more locations,” he said.
However, Columbia will be consolidating operations at a single branch in McMinnville and Newberg, where both banks are currently represented.
In McMinnville, the Coumbia Bank branch at 723 N.E. Baker St. is being retained. In Newberg, the West Coast branch at 3500 Portland Road is being retained.
However, the consolidations won’t be carried out until later in the year. In the meantime, customers of both banks can also conduct business at the West Coast branch at 2214 N.E. McDonald Lane in McMinnville and Columbia branch at 901 Brutscher St. in Newberg.
Devine said customers will be notified well in advance when Columbia is ready to implement the consolidations.
In September, the Tacoma-based Columbia Banking System announced it had agreed to acquire Lake Oswego-based West Coast Bancorp for $264 million in cash and 12.8 million shares of stock valued at an additional $242 million. That made the total value of the transaction $506 million.
With completion of the merger, Columbia encompasses 157 branches in 38 Oregon and Washington counties and possesses assets exceeding $7 billion. According to the Federal Deposit Insurance Corporation, it ranks seventh in market share in both states.
Devine said the Bank of Astoria, long owned by Columbia, would also be operating under the Columbia name going forward. He said that change was being made in concert with the renaming of the West Coast branches.