Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

On January 9, 2017, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Pacific Continental Corporation, an Oregon corporation whose wholly-owned banking subsidiary is Pacific Continental Bank. Per the terms of the Merger Agreement, Pacific Continental shareholders will have the right to receive, in respect of each share of common stock of Pacific Continental, a number of common shares of Columbia equal to the exchange ratio of 0.6430, subject to any adjustments set forth in the Merger Agreement. The merger transaction is valued at approximately $644.1 million. Consummation of the merger is subject to customary closing conditions, including, among others, shareholder and regulatory approval. The Merger Agreement contains certain termination rights and provides that, upon the termination of the Merger Agreement under specified circumstances, Pacific Continental will be required to pay us a termination fee of $18.75 million.

On January 12, 2017, all outstanding shares of Series B Preferred Stock were converted to Company common stock.