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BRIEF-Columbia Banking System to merge with Pacific Continental
January 10, 2017 / 1:31 AM / in 9 months

BRIEF-Columbia Banking System to merge with Pacific Continental

Jan 10 (Reuters) - Pacific Continental Corp

* Columbia Banking System and Pacific Continental Corporation enter into definitive agreement to merge

* Pacific Continental - transaction valued at approximately $644.1 million, or $27.85 per share based on Columbia’s January 9, 2017 stock price

* Says combined company will have approximately $12 billion in assets

* Pacific Continental shareholders will own approximately 20.0% of combined company

* Agreement was approved by board of directors of each company

* Pacific Continental Corp - deal to be immediately accretive to columbia’s eps with 8% and 10% projected accretion in 2018 and 2019, respectively

* Pacific Continental shareholders will receive 0.6430 of Columbia common stock for each share of Pacific Continental Stock

* Says for the deal tangible book value earnback is approximately 3.7 years Source text for Eikon: Further company coverage:

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