TACOMA,
Wash., May 15, 2023 /PRNewswire/ -- Columbia
Banking System, Inc. ("Columbia" Nasdaq: COLB), parent company of
Umpqua Bank, today announced its Board of Directors has approved a
quarterly cash dividend in the amount of $0.36 per common share, representing a 20%
increase to the most recent Columbia dividend declaration, which took
place prior to the close of Columbia's merger with Umpqua on February 28,
2023. The dividend is payable June
15, 2023, to shareholders of record as of May 31, 2023.
"We are pleased to announce an increase in our regular dividend,
highlighting the foundational strength of our combined organization
following the merger of Columbia
and Umpqua," commented
Clint Stein, President & CEO of
Columbia. "Looking forward, we
expect cost and revenue synergies to enhance our operating
fundamentals. Alongside the strength of our diversified balance
sheet, this places us in the enviable position of having flexible
capital deployment opportunities."
About Columbia
Columbia (Nasdaq: COLB) is headquartered in
Tacoma, Washington and is the
parent company of Umpqua Bank, an award-winning western U.S.
regional bank based in Lake Oswego,
Oregon. In March of 2023, Columbia and Umpqua combined two of the Pacific Northwest's
premier financial institutions under the Umpqua Bank brand to
create one of the largest banks headquartered in the West and a
top-30 U.S. bank. With over $50
billion of assets, Umpqua Bank combines the resources,
sophistication and expertise of a national bank with a commitment
to deliver personalized service at scale. The bank operates in
Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah,
and Washington and supports
consumers and businesses through a full suite of services,
including retail and commercial banking; Small Business
Administration lending; institutional and corporate banking; and
equipment leasing. Umpqua Bank customers also have access to
comprehensive investment and wealth management expertise as well as
healthcare and private banking through Columbia Wealth Management
and Columbia Trust Company, a subsidiary of Columbia.
Note Regarding Forward Looking Statements
This news
release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, which can be
identified by words such as "may," "expected," "anticipate,"
"continue," or other comparable words. In addition, all
statements other than statements of historical facts that address
activities that Columbia expects
or anticipates will or may occur in the future are forward-looking
statements. Readers are encouraged to read the SEC reports of
Columbia, particularly its form
10-K for the Fiscal Year ended December 31,
2022, for meaningful cautionary language discussing why
actual results may vary materially from those anticipated by
management.
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SOURCE Columbia Banking System, Inc.