Columbia Banking System (COLB) and Umpqua (UMPQ) Announce Shareholder Approval to Merge

Columbia Banking System, Inc. (NASDAQ: COLB), the parent company of Columbia State Bank, and Umpqua Holdings Corporation (NASDAQ: UMPQ), the parent company of Umpqua Bank, jointly announced that they have received all required shareholder approvals related to the proposed combination between Columbia and Umpqua. The final results on the proposals voted on at the special meetings of each company's shareholders held today will be set forth in the companies' separate Form 8-Ks to be filed with the U.S. Securities and Exchange Commissions (the "SEC") after certification by each company's inspector of election.

"The receipt of shareholder approval marks an important milestone on our integration timeline," said Clint Stein, President and CEO of Columbia. "The support for the transaction by each company's respective shareholder bases is evidenced by an overwhelming amount of voted shares voting in favor of the proposals required to effect the combination, which we expect will create meaningful shareholder value as it expands opportunities for our customers, employees, and communities."

"Today's vote brings us one step closer to creating the leading regional bank headquartered in the West," said Cort O'Haver, President and CEO of Umpqua. "We look forward to providing additional updates to our stakeholders as we continue to meticulously plan for the joining of our two similar-minded organizations."

Completion of the transaction is subject to remaining regulatory approvals and the satisfaction of other customary closing conditions set forth in the merger agreement. Columbia and Umpqua anticipate a mid-2022 transaction close, subject to these requirements.

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