Columbia Banking System Inc. and Pacific Continental Corporation jointly announced the signing of a definitive agreement to merge Pacific Continental into Columbia in a transaction valued at approximately $644.1m, or $27.85 per share based on Columbia's January 9, 2017 stock price. The combined company will have approximately $12bn in assets with over 150 branches throughout Washington, Oregon and Idaho. "We are delighted that Pacific Continental has agreed to join with Columbia, strengthening and growing our position as the premier Northwest focused regional community bank," Melanie J. Dressel, Columbia President and Chief Executive Officer.