We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Columbia Banking System, Inc. (“Columbia Banking” or the “Company”) (NASDAQ: COLB) in connection with the proposed merger of the Company with Umpqua Holdings Corporation (“Umpqua”) (NASDAQ: UMPQ).  Under the terms of the merger agreement, Umpqua shareholders will receive 0.5958 of a share of Columbia Banking stock for each Umpqua share they own, representing implied per-share merger consideration of approximately $11.87 based upon Umpqua’s October 11, 2021 closing price of$19.93.  Upon completion of the transaction, Umpqua shareholders will own approximately 62% and Columbia Banking shareholders will only own approximately 38% of the combined company.

WeissLaw LLP is investigating whether (i)Columbia Banking’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration is fair to Columbia Banking’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.