The shareholders of Oregon-based Pacific Continental have given the go-ahead to its proposed merger with Washington-based Columbia Banking System.
The deal, announced in January 2017, is valued at around $644.1m. The combined entity is expected to have about $12bn in assets and over 150 branches across Washington, Oregon and Idaho.
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As per agreed terms, Pacific shareholders will be entitled to receive 0.6430 of a share of Columbia common stock for each share of Pacific Continental stock.
The deal already received approval from the board of directors of both companies.
Columbia interim CEO Hadley Robbins said: “We are pleased to announce that the shareholders of both companies demonstrated enthusiasm in their support of the merger.
“We look forward to meeting the remaining closing conditions expeditiously and providing our clients and communities with access to the full strength of our combined resources.”
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