Columbia Banking (COLB) Unit Acquires Summit Bank Assets
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Columbia Banking System, Inc. (Nasdaq: COLB) reports that its subsidiary, Columbia State Bank, has acquired all of the deposits and substantially all of the assets of Summit Bank from the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver of the institution.
From the release: "Columbia State Bank will acquire approximately $140 million in assets and $130 million in deposits located in three branches in Washington State. Summit Bank’s loan portfolio of approximately $110 million will be subject to a loss-sharing agreement with the FDIC."
From the release: "Columbia State Bank will acquire approximately $140 million in assets and $130 million in deposits located in three branches in Washington State. Summit Bank’s loan portfolio of approximately $110 million will be subject to a loss-sharing agreement with the FDIC."
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