Columbia Bank Prices $250mln 6.721% Subordinated Notes Due 2036

Columbia Bank priced a $250 million offering of 6.721% Fixed-to-Fixed Rate Subordinated Notes due 2036, with a fixed interest rate of 6.721% through 2031 and then a floating rate based on the Five-Year U.S. Treasury Rate plus 195 basis points thereafter. The bank plans to use the net proceeds for general corporate purposes, including growth and capital adequacy, and to return up to $250 million of capital to its parent company, Columbia Banking System. The notes are unsecured, subordinated obligations and will be subordinate to all existing and future senior debt.