COLUMBIA BANKING SYSTEM, INC. (NASDAQ:COLB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October25, 2017, the Board of Directors (the “Board”) of Columbia Banking System, Inc. (the “Company”) appointed Eric S. Forrest to serve on the Board effective upon the consummation of the merger (the “First Merger”) of Coast Merger Sub, Inc., an Oregon corporation and a wholly wned subsidiary of the Company (“Merger Sub”), with and into Pacific Continental Corporation, an Oregon corporation (“Pacific Continental”), to the Agreement and Plan of Merger, dated as of January9, 2017 (the “Merger Agreement”), by and among the Company, Pacific Continental and Merger Sub.
Mr.Forrest, who until his appointment to the Board will remain a director of Pacific Continental, was designated by the Company to serve on the Board until such time as a successor is duly elected and qualified or until the earlier resignation or removal. Mr.Forrest has been appointed to the Personnel and Compensation Committee of the Board. A copy of Columbia’s press release announcing the director appointment is attached hereto as Exhibit 99.1.
Mr. Forrest has served as a Director of Pacific Continental and Pacific Continental Bank since June 2014. He was a founding member of Pepsi Northwest Bottlers and previously served on its Board of Directors. Mr. Forrest chairs the Oregon Beverage RecyclingBoard, which he also co-founded, and is a member of the Pepsi-Cola Bottlers Association Board of Directors. Mr. Forrest holds a B.S. from Oregon State University in Organizational Communication and an MBA from Willamette University’s Atkinson School of Management.
Compensatory arrangements for Mr.Forrest will be consistent with Columbia’s previously disclosed standard arrangements for non-employee directors. Such arrangements are described in Columbia’s proxy statement for its 2017 annual meeting filed on April13, 2017, which descriptions are incorporated herein by reference.
Item 5.02. Other Events
The information set forth under Item 5.02 is incorporated into this Item 5.02 by reference.
Item 5.02. Financial Statements and Exhibits
(d) Exhibits.
| 99.1 | Press Release issued October 31, 2017. |
COLUMBIA BANKING SYSTEM INC ExhibitEX-99.1 2 d680445dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE October 31,…To view the full exhibit click here
About COLUMBIA BANKING SYSTEM, INC. (NASDAQ:COLB)
Columbia Banking System, Inc. is a bank holding company of Columbia State Bank (the Bank) and West Coast Trust Company, Inc. The Company provides a range of banking services to small and medium-sized businesses, professionals and individuals throughout Washington, Oregon and Idaho. The Bank provides a range of financial services through approximately 150 branch locations in Washington, Oregon and Idaho. The Company’s products and services include personal banking, business banking and wealth management. It offers its personal banking customers a range of account products, including noninterest and interest-bearing checking, savings, money market and certificate of deposit accounts. The Company offers its business banking customers with a range of checking, savings, interest bearing money market and certificate of deposit accounts. It provides individual and business retirement solutions, insurance solutions, wealth management and financial planning.
