Columbia, Umpqua to divest 10 branches

Columbia Banking System in Tacoma, Wash., and Umpqua Holdings in Portland, Ore., will sell 10 branches under an agreement with the Department of Justice. 

The $20.6 billion-asset Columbia and the $30.1 billion-asset Umpqua agreed to merge in October 2021 in a deal valued at $5.2 billion. 

The companies will sell fives branches in Oregon, three in California and two in Washington. 

Columbia said it does not yet have any agreements to sell the branches.

The merger is one of several large combinations that have progressed slowly while waiting on regulatory approvals.