Columbia Banking System (COLB) in Tacoma, Wash., and West Coast Bancorp (WCBO) in Lake Oswego, Ore., announced late Monday that shareholders from both companies approved West Coast's planned sale to Columbia.
More than 99% of the shares cast at West Coast's special meeting approved the company's sale, while 95% of the shares cast at Columbia's meeting endorsed the deal. Regulators have already approved the merger; the companies said in a press release that they expect to complete the merger by April 1.
"We are excited that the shareholders of both companies recognized the significant value created from this combination by approving the merger," Melanie Dressel, Columbia's president and chief executive, said in the release. "We are moving forward to satisfy all necessary closing conditions and look forward to completing the transaction."