Columbia Banking System in Tacoma, Wash., landed the first sizeable deal of the New Year with an agreement to buy Pacific Continental in Eugene, Ore.

The $9.6 billion-asset Columbia said in a press release Monday that it will pay roughly $644.1 million, or $27.85 a share, for the $2.5 billion-asset Pacific. The combined company would have more than 150 branches in Washington, Oregon and Idaho. The cash-and-stock deal is expected to close by mid-2017.

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