Form 4: Director Disposes PPBI Shares Post-Merger with Columbia

A director of Pacific Premier Bancorp, Barbara Polsky, disposed of all her common stock holdings following the company's merger with Columbia Banking System.

Summary

• Barbara Polsky, a director of Pacific Premier Bancorp, Inc. (PPBI), disposed of 18,308 shares of PPBI Common Stock.
• This disposition occurred on August 31, 2025, in connection with the merger of PPBI into Columbia Banking System, Inc.
• Each share of PPBI common stock was converted into 0.9150 shares of Columbia common stock.
• Following this transaction, Barbara Polsky holds 0 shares of PPBI Common Stock.

Sentiment

Score: 7

Explanation: The filing reports the completion of a merger, which is generally a positive strategic event for the acquired company's shareholders, as their shares are converted into those of the acquiring entity. The disposition is a procedural outcome of this event, not a negative signal about the company's performance.

Positives

• The merger with Columbia Banking System, Inc. has been completed, indicating a successful strategic transaction for former PPBI shareholders who now hold Columbia stock.

Negatives

• The reporting person no longer holds direct beneficial ownership in the former Pacific Premier Bancorp, Inc. as it has merged into another entity.

Future Outlook

The filing primarily reports a past event, the completion of a merger and subsequent share disposition, and does not contain forward-looking statements or guidance regarding future performance or strategic direction.

Industry Context

This transaction reflects ongoing consolidation within the banking sector, where regional banks are acquired by larger institutions to achieve scale, cost efficiencies, and expanded market reach. The merger of PPBI into Columbia Banking System is consistent with this trend, aiming to create a larger, more competitive financial institution.

Comparison to Industry Standards

• The merger exchange ratio of 0.9150 shares of Columbia common stock for each PPBI share is a specific term of the merger agreement. Without detailed financial metrics of both companies prior to the merger, such as price-to-book or price-to-earnings ratios, and specific comparable merger transactions in the regional banking sector (e.g., First Citizens BancShares' acquisition of SVB, U.S. Bancorp's acquisition of MUFG Union Bank), a comprehensive assessment against global benchmarks is not possible from this Form 4 alone.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: Former PPBI shareholders now own shares in Columbia Banking System, Inc., reflecting the completion of the merger.
• Employees: While not explicitly stated in this Form 4, mergers typically lead to integration efforts that can impact employees of the acquired entity.
• Customers: Customers of PPBI would now be customers of Columbia Banking System, Inc., potentially experiencing changes in services or branding.

Next Steps

• Shareholders of former Pacific Premier Bancorp, Inc. now hold shares in Columbia Banking System, Inc.
• Barbara Polsky, as a former director of PPBI, will likely transition her role or cease to be a director of the combined entity, though this filing does not explicitly state her future role.

Key Dates

Keywords

Pacific Premier Bancorp, PPBI, Columbia Banking System, Merger, Form 4, Insider Trading, Director, Stock Disposition, Banking, Financial Services