Columbia Banking System Inc. filed SEC Form 8-K: Regulation FD Disclosure
$COLB
Savings Institutions
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: March 27, 2025
(Date of earliest event reported)
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Item 7.01 Regulation FD Disclosure.
As previously disclosed by Columbia Banking System, Inc. (the “Company”) in its periodic reports including its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on February 25, 2025, in August 2020 a class action complaint was filed in the United States District Court (ND Cal) alleging aiding and abetting claims against the Company’s bank subsidiary, Umpqua Bank (the “Bank”). The claims were associated with the failure of two commercial real estate investment companies, Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. Both companies maintained their primary deposit account relationship with the Bank’s Novato, Marin County, California branch office, acquired by the Bank from Circle Bank in 2012. Plaintiffs in the class action case alleged damages between $297.4 million and $368.1 million, including prejudgment interest.
A mistrial in the case was declared on March 4, 2025 when the jury was unable to reach a verdict. The Bank subsequently engaged in a court ordered settlement conference, and a Notice of Settlement was filed on March 27, 2025. The proposed settlement contemplates payment in the amount of $55 million by the Bank to the class, which includes any attorneys’ fees or costs awarded by the court. The settlement is subject to execution of a formal settlement agreement by the parties, as well as preliminary and final court approval. If approved, the settlement is expected to be funded by early 2026. There can be no assurance that the parties will enter into a formal settlement agreement or, if they do, that it will receive court approval.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COLUMBIA BANKING SYSTEM, INC. (Registrant) | |||||
| Dated: March 27, 2025 | By:/s/ Kumi Yamamoto Baruffi Kumi Yamamoto Baruffi General Counsel | ||||