M&A Deal Summary

Columbia Bank Acquires West Coast Bancorp.

On September 26, 2012, Columbia Bank acquired financial services company West Coast Bancorp. from Castle Creek Capital and Red Mountain Capital Partners

Acquisition Highlights
  • This is Columbia Bank’s 4th transaction in the Financial Services sector.
  • This is Columbia Bank’s 4th transaction in the United States.
  • This is Columbia Bank’s 3rd transaction in Oregon.

M&A Deal Summary
Date 2012-09-26
Target West Coast Bancorp.
Sector Financial Services
Buyer(s) Columbia Bank
Sellers(s) Castle Creek Capital
Red Mountain Capital Partners
Deal Type Merger
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

West Coast Bancorp.

Lake Oswego, Oregon, United States
West Coast Bancorp is a Northwest bank holding company headquartered in Oregon with $2.4 billion in assets, and the parent company of West Coast Bank and West Coast Trust Company, Inc. West Coast Bank operates 58 branches in Oregon and Washington. The Company offers a broad range of banking, investment, fiduciary and trust services.

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Buyer(S) 1

Buyer

Columbia Bank

Tacoma, Washington, United States
Category Company
Founded 1993
Sector Financial Services
Employees5,114
Revenue 2.0B USD (2023)
DESCRIPTION

Columbia Bank is a bank holding company whose wholly owned banking subsidiary is Columbia State Bank. Columbia State Bank provides a full range of banking services to small and medium-sized businesses, professionals and individuals throughout Washington, Oregon and Idaho. Columbia Bank was incorporated in 1993 and is based in Tacoma, Washington.

DEAL STATS #
Overall 4 of 9
Sector (Financial Services) 4 of 9
Type (Merger) 1 of 4
State (Oregon) 3 of 5
Country (United States) 4 of 9
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 Bank of Astoria

Astoria, Oregon, United States

Bank of Astoria provide financial services.

Buy $46M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-23 Intermountain Community Bancorp.

Sandpoint, Idaho, United States

Intermountain operates as four separate divisions with nineteen banking locations in three states. Its banking subsidiary, Panhandle State Bank, offers financial services through northern Idaho offices in Sandpoint, Ponderay, Bonners Ferry, Priest River, Coeur d'Alene, Post Falls, Rathdrum and Kellogg. Intermountain Community Bank, a division of Panhandle State Bank, operates branches in southwest Idaho in Weiser, Payette, Nampa, Caldwell and Fruitland, as well as in Ontario, Oregon. Intermountain Community Bank Washington, a division of Panhandle State Bank, operates branches in downtown Spokane and Spokane Valley, Washington. Magic Valley Bank, a division of Panhandle State Bank, operates branches in Twin Falls and Gooding, Idaho.

Buy $122M

Seller(S) 2

SELLER

Castle Creek Capital

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 750M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Castle Creek Capital is a private investment firm that makes control investments in U.S.-based community banks with less than $10 billion of assets. The firm specializes in operating, recapitalizing and strategically refocusing US based banks. Castle Creek targets smaller, healthier banks that are under-performing or lack critical mass. Castle Creek offers the resources to then implement a roll-up acquisition program. Castle Creek Capital LLC was founded in 1992 and is based in Rancho Santa Fe, California.

DEAL STATS #
Overall 3 of 15
Sector (Financial Services) 3 of 15
Type (Merger) 2 of 5
State (Oregon) 1 of 1
Country (United States) 3 of 15
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-11 Continental Bank Holdings

Plymouth Meeting, Pennsylvania, United States

Continental Bank Holdings is the the holding company for Continental Bank, a Pennsylvania based community bank.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-17 Origin Bank

Ruston, Louisiana, United States

Origin is a financial holding company. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912. Deeply rooted in Origin’s history is a culture committed to providing personalized, relationship banking to its clients and communities. Origin provides a broad range of financial services to businesses, municipalities, high net worth individuals and retail clients, and currently operates 44 banking centers located from Dallas/Fort Worth and Houston, Texas across North Louisiana and into Mississippi. Origin was formed in 1912 and is based in Ruston, Louisiana.

Buy -
SELLER

Red Mountain Capital Partners

Investor

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Red Mountain Capital Partners is a private investment firm focused on investing in small cap public companies in the consumer and financial services sectors. Red Mountain Capital was formed in 2008 and is based in Los Angeles.

DEAL STATS #
Overall 4 of 4
Sector (Financial Services) 1 of 1
Type (Merger) 1 of 1
State (Oregon) 1 of 1
Country (United States) 4 of 4
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-22 ATSG

Wilmington, Ohio, United States

ATSG is a provider of air cargo transportation and related services to domestic and foreign air carriers. ATSG was incorporated in 1980 and is based in Wilmington, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-24 Destination XL Group

Canton, Massachusetts, United States

Destination XL Group is a specialty retailer of big and tall men's apparel with retail operations in the United States. Company operated 360 Casual MaleXL retail stores, 60 Casual MaleXL outlet stores, 16 DestinationXL stores and 14 Rochester Clothing stores. Destination XL Group was founded in 1976 and is based in Canton, Massachusetts.

Buy -
Mergr

Product

Company

Legal