104 Fed. Res. Bull. 1 (2018)

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Board  of Governors  of the Federal Reserve System           www.federalreserve.go



Legal Developments: Fourth Quarter, 2017


Orders   Issued   Under   Bank   Holding Company Act

Orders   Issued  Under  Section  3 of the  Bank  Holding  Company Act

Columbia Banking System, Inc.
Tacoma,   Washington

Order Approving the Merger of Bank Holding Companies
FRB  Order No. 2017 26 (October 6, 2017)

Columbia  Banking System, Inc. (Columbia), Tacoma, Washington, a bank holding
company  within the meaning of the Bank Holding Company Act of 1956 (BHC Act),'
has requested the Board's approval under section 3 of the BHC Act2 to merge with Pacific
Continental Corporation (Pacific), and thereby indirectly acquire Pacific Continental
Bank  (Pacific Bank), both of Eugene, Oregon. Following the proposed merger, Pacific
Bank  would be merged into Columbia's subsidiary bank, Columbia State Bank
(Columbia  Bank), Tacoma, Washington.3

Notice of the proposal, affording interested persons an opportunity to submit comments,
has been published in accordance with the Board's rules (82 Federal Register 14728
(March 22, 2017)).4 The time for submitting comments has expired, and the Board has
considered the proposal and all comments received in light of the factors set forth in
section 3 of the BHC Act.

Columbia, with consolidated assets of approximately $9.5 billion, is the 132nd largest
insured depository organization in the United States. Columbia controls approximately
$8.1 billion in consolidated deposits, which represent less than 1 percent of the total
amount  of deposits of insured depository institutions in the United States.5 Columbia
controls Columbia Bank, which operates in Idaho, Oregon, and Washington. Columbia is
the 7th largest insured depository organization in Oregon, controlling deposits of approxi-
mately $2.7 billion in Oregon, which represent approximately 4 percent of the total deposits
of insured depository institutions in that state.6 Columbia is the 8th largest insured deposi-
tory organization in Washington, controlling deposits of approximately $4.4 billion in




' 12 U.S.C.  1841 et seq.
2 12 U.S.C.  1842.
  The merger of Pacific Bank into Columbia Bank is subject to approval by the Federal Deposit Insurance Corporation
  (FDIC), pursuant to section 18(c) of the Federal Deposit Insurance Act. 12 U.S.C.  1828(c). The FDIC approved
  the bank merger on August 23, 2017.
4 12 CFR 262.3(b).
  National asset and deposit data are as of March 31, 2017, unless otherwise noted.
6 State deposit data are as of June 30, 2016. In this context, insured depository institutions include commercial banks,
  credit unions, savings associations, and savings banks.

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