SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 3, 2014
COLUMBIA BANKING SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Washington
(State or other jurisdiction of incorporation)
0-20288 | 91-1422237 | |
(Commission File Number) | IRS Employer Identification No. |
1301 A Street
Tacoma, WA 98402
(Address of principal executive offices) (zip code)
Registrants telephone number, including area code: (253) 305-1900
(Former Name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act of (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act of (17 CFR 240.13e-4(c)) |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On February 3, 2014, Columbia Banking System, Inc. (Columbia or the Company) announced the appointment of Hadley Robbins, age 57, as Executive Vice President and Chief Operating Officer of the Company and its wholly owned subsidiary, Columbia State Bank, effective March 1, 2014.
Mr. Robbins joined Columbia in April 2013 following the acquisition of West Coast Bancorp, when he assumed the role of Senior Vice President, Oregon and Southwest Washington Group Manager. Prior to joining Columbia, Mr. Robbins served as Executive Vice President and Chief Credit Officer for West Coast Bank since 2007. He has over 25 years of diverse banking experience including holding executive positions with Wells Fargo Bank, Pacific Northwest Bank, Bank of the Northwest and First Interstate Bank.
Columbia State Bank has entered into a Change in Control Agreement with Mr. Robbins, which becomes effective when he assumes his new position. The agreement has a term of five years and supersedes all prior agreements except for certain provisions of his Employment Agreement, dated April 1, 2013, relating to a retention bonus and the vesting of equity benefits.
The Change in Control Agreement provides that if Mr. Robbins employment is terminated without cause or if he resigns for good reason within a year following a change in control (as each term is defined in the agreement) or sixty days prior to the public announcement of such change, he will receive a severance benefit equal to two times his then-current annual base salary, vesting of all stock options and lapse of all restrictions on restricted stock awards. The agreement also addresses reimbursement of a relocation allowance, payment of an annual bonus for 2013 and payment under a West Coast Bancorp Supplemental Executive Retirement Plan. In the event of any severance benefit paid under the Change in Control Agreement, Mr. Robbins agrees not to compete with the Bank or the Company for a period of two years.
A copy of the Change in Control Agreement will be filed as an Exhibit to the 2013 Annual Report on Form 10-K.
Item 7.01 | Regulation FD Disclosure. |
A copy of the press release issued by Columbia announcing the appointment of Mr. Robbins is furnished as Exhibit 99.1 to this Report.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
99.1 | Press Release dated February 3, 2014 announcing appointment of Hadley Robbins as EVP & COO |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 6, 2014 |
COLUMBIA BANKING SYSTEM, INC. | |||||
By: | /s/ Clint E. Stein | |||||
Clint E. Stein | ||||||
EVP and Chief Financial Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE | ||||
February 3, 2014 | ||||
Contacts: | Melanie J. Dressel, President and | |||
Chief Executive Officer | ||||
(253) 305-1911 | ||||
JoAnne Coy, Vice President, | ||||
Corporate Communications | ||||
(253) 305-1965 |
COLUMBIA BANK NAMES HADLEY ROBBINS
EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
TACOMA, Washington, February 3, 2014 Melanie J. Dressel, President and Chief Executive Officer, announced that Hadley Robbins, Senior Vice President and Oregon Group Manager, has been appointed Executive Vice President and Chief Operating Officer for Columbia Bank (Columbia) and its parent, Columbia Banking System, Inc., effective March 1, 2014. Mr. Robbins fills the Chief Operating Officer position vacated by Mark W. Nelson, who retired in September, 2013.
Ms. Dressel commented, Hadley has a proven management track record in a wide spectrum of business line responsibilities. We are delighted he is joining our executive team, bringing with him a deep and diverse commercial banking and credit administration background.
Mr. Robbins will direct the majority of the banks customer-facing business lines, which include Commercial Banking, Retail Banking and Wealth Management, as well as other supporting functions. He was selected following an extensive national search.
Mr. Robbins, 57, joined Columbia on April 1, 2013, with the merger of West Coast Bancorp, where he had served as Executive Vice President & Chief Credit Officer since 2007. His experience spans over 25 years and includes a variety of executive positions with Wells Fargo Bank, Pacific Northwest Bank, Bank of the Northwest and First Interstate Bank. He holds an MBA from the University of Oregon and a BS in Business Administration from Lewis and Clark College.
Mr. Robbins has been very active in the Portland, Oregon community. He is currently serving on the board and executive committee for the Freshwater Trust and on the Oregon Bankers Association board of directors. His past activities have included the Downtown Portland Rotary Club and the Portland Crime Commission.
Mr. Robbins plans to relocate, joining the rest of the executive management team at Columbias corporate headquarters.
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding Company of Columbia State Bank, a Washington state-chartered full-service commercial bank. For the seventh consecutive year, the bank was named in 2013 as one of Puget Sound Business Journals Washingtons Best Workplaces.
Columbia Banking System has 141 banking offices, including 80 branches in Washington State and 61 branches in Oregon. More information about Columbia can be found on its website at www.columbiabank.com.
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as may, expected, anticipate, continue, or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its form 10-K for the Fiscal Year ended December 31, 2012, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.
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