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4-Traders Homepage  >  Equities  >  Nasdaq  >  Columbia Banking System Inc    COLB

COLUMBIA BANKING SYSTEM INC (COLB)
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Columbia Banking System : Bank Appoints Craig D. Eerkes As Chairman Of The Board To Succeed William T. Weyerhaeuser

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05/23/2018 | 10:53pm CEST

TACOMA, Wash., May 23, 2018 /PRNewswire/ -- Columbia Banking System, Inc. (NASDAQ: COLB) ('Columbia' or the 'Company') today announced that Craig D. Eerkes, who has served on the Board of Directors of the Company and its wholly owned subsidiary Columbia Bank since September 2014, has been appointed as Chairman of the Board. During his time on the Board of Columbia, Mr. Eerkes has served on the Personnel and Compensation, Enterprise Risk Management, and Trust Committees.

Mr. Eerkes succeeds William T. Weyerhaeuser, who served as the Chairman of the Board since 2001 and Director since 1998. Mr. Weyerhaeuser will remain on the Board as a Director.

In accordance with its governance policy that requires mandatory retirement at age 75, the Company also announced that Mr. Weyerhaeuser, along with Directors John P. Folsom and David A. Dietzler, will retire from the Board of Directors at the 2019 Annual Meeting of Shareholders.

'It has been a great privilege to serve as Chairman of the Board of Columbia for the last 17 years,' said William Weyerhauser. 'During that time, I have witnessed the incredible dedication of both our Directors and leadership team. Together we have built one of the finest banking franchises in the Northwest, and I am especially proud of our strong commitment to our customers, employees and the communities we serve. While it will soon be time for me to retire, I could not be more pleased to have Craig Eerkes lead the Board and continue to build upon our success. Craig is a proven and collaborative leader with considerable expertise in both community banking and regulated industries. He has been a Columbia Board member for the past four years, and knows our company, people, culture, and vision. I am confident that Craig will be an outstanding Chairman for Columbia.'

Mr. Eerkes commented, 'I am honored to be appointed the Chairman of the Board. On behalf of the Board and leadership team, we are grateful for Bill's numerous contributions in establishing a strong foundation for Columbia. It has been a privilege to work side-by-side with Bill, who is a collaborative leader, a strategic thinker, and a great steward of capital. With Bill, John Folsom and Dave Dietzler retiring next year, our Board has been highly engaged in succession planning to ensure a seamless transition. Recently we have added new members with great credentials and fresh perspectives. I am excited to work with our dedicated and talented Board and leadership team in the continued pursuit of our long-term strategic vision.'

Mr. Eerkes has served as the President and Chief Executive Officer of Sun Pacific Energy, Inc., a Tri-Cities based retail and wholesale petroleum company with locations throughout Washington since 1981. He has an extensive background with financial institutions and broad experience in highly regulated industries, including 16 years as a director of WMI Insurance Company, a health and life insurance company based in Salt Lake City, Utah. He was the chairman and a director of AmericanWest Bancorp from 2004 to 2012, as well as a director of First Hawaiian Bank from 1996 to 1999. He was founder, director and chairman of American National Bank, N.A., Kennewick, Washington, from 1981 to 1996. Mr. Eerkes is a graduate of the University of Puget Sound. He was named 'Tri-Citian of the Year' for 2014 and is actively involved in the Boy Scouts, Boys & Girls Clubs, United Way and several other community organizations.

About Columbia Bank
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's 'Washington's Best Workplaces.' Columbia ranked eleventh on the 2018 Forbes list of best banks. More information about Columbia can be found on its website at www.columbiabank.com.

Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as 'may,' 'expected,' 'anticipate', 'continue,' or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its form 10-K for the Fiscal Year ended December 31, 2017, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.

Investor Relations Contact:
[email protected]
(253) 305-1921

Media Contact:
Financial Profiles, Inc.
Moira Conlon
Tricia Ross
(310) 622-8226

View original content with multimedia:http://www.prnewswire.com/news-releases/columbia-bank-appoints-craig-d-eerkes-as-chairman-of-the-board-to-succeed-william-t-weyerhaeuser-300653845.html

SOURCE Columbia Banking System, Inc.

Disclaimer

Columbia Banking System Inc. published this content on 23 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 May 2018 20:52:01 UTC

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Financials ($)
Sales 2018 572 M
EBIT 2018 253 M
Net income 2018 181 M
Debt 2018 -
Yield 2018 2,30%
P/E ratio 2018 17,29
P/E ratio 2019 15,44
Capi. / Sales 2018 5,51x
Capi. / Sales 2019 5,21x
Capitalization 3 155 M
Chart COLUMBIA BANKING SYSTEM IN
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Columbia Banking System In Technical Analysis Chart | COLB | US1972361026 | 4-Traders
Technical analysis trends COLUMBIA BANKING SYSTEM IN
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 46,4 $
Spread / Average Target 7,7%
EPS Revisions
Managers
NameTitle
Hadley S. Robbins President, Chief Executive Officer & Director
Craig D. Eerkes Chairman
Clint E. Stein Chief Operating Officer & Executive Vice President
William Toycen Weyerhaeuser Director
John P. Folsom Independent Director