Sullivan & Cromwell, Wachtell Build $8.2B Bank Tie-Up

By Benjamin Horney (October 12, 2021, 9:56 AM EDT) -- Columbia Banking and Umpqua Holdings detailed plans Tuesday to form a West Coast banking giant in a roughly $8.2 billion transaction that was guided by respective law firms Sullivan & Cromwell and Wachtell.

Portland, Oregon-based Umpqua Bank, pictured, and Columbia Banking announced a merger Tuesday in a deal valued at roughly at $8.2 billion. (AP Photo/Rick Bowmer) The agreement combines Tacoma, Washington-headquartered Columbia Banking System Inc. with Portland, Oregon-based Umpqua Holdings Corp. to form a single banking services provider with more than $50 billion in assets, according to a statement.

In particular, the deal will create a formidable regional banking player...

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