Form 4: Director Studenmund Disposes PPBI Shares Post-Merger

Jaynie M. Studenmund, a director of Pacific Premier Bancorp, Inc., disposed of her shares following the company's merger into Columbia Banking System, Inc. on August 31, 2025.

Summary

• Jaynie M. Studenmund, a director of Pacific Premier Bancorp, Inc. (PPBI), reported the disposal of her beneficial ownership in PPBI common stock.
• The disposal occurred on August 31, 2025, coinciding with the effective time of the merger between PPBI and Columbia Banking System, Inc. (Columbia).
• Ms. Studenmund disposed of 17,108 shares directly owned and 4,200 shares indirectly owned through a Morgan Stanley IRA.
• As per the merger agreement dated April 23, 2025, each share of PPBI common stock was converted into the right to receive 0.9150 shares of Columbia common stock.
• Cash was paid in lieu of fractional shares.

Sentiment

Score: 5

Explanation: The filing is neutral as it reports a routine, expected transaction following a merger. It neither indicates positive nor negative performance beyond the execution of the merger terms.

Positives

• The transaction represents the successful completion of the previously announced merger, indicating a smooth transition for shareholders of Pacific Premier Bancorp, Inc. into Columbia Banking System, Inc.

Negatives

• The filing itself does not present any negative aspects, as it reports a standard transaction resulting from a merger.

Risks

• No specific risks are mentioned in this Form 4 filing, as it primarily reports a post-merger transaction.

Future Outlook

The filing does not contain forward-looking statements or guidance, as it reports a completed transaction.

Industry Context

This filing reflects the ongoing consolidation trend within the banking sector, where smaller or regional banks are acquired by larger institutions to achieve economies of scale, expand market reach, and enhance competitive positioning. The merger of Pacific Premier Bancorp into Columbia Banking System is consistent with this broader industry movement.

Comparison to Industry Standards

• The exchange ratio of 0.9150 shares of Columbia common stock for each PPBI share is a specific term of the merger agreement. Without details of the pre-merger valuations of both companies or comparable merger transactions in the regional banking sector at the time, it is not possible to assess this against industry standards from this filing alone. However, such ratios are typically determined based on extensive financial analysis, due diligence, and negotiation between the involved parties, similar to other bank mergers like the Truist Financial Corporation merger (BB&T and SunTrust) or the M&T Bank acquisition of People's United Financial.

Related Party Transactions

• No new or unusual related party transactions are disclosed beyond the director's share disposal as a result of the merger.

Stakeholder Impact

• Shareholders: Pacific Premier Bancorp, Inc. shareholders received shares of Columbia Banking System, Inc., effectively converting their investment into the acquiring entity.

Key Dates

Keywords

PACIFIC PREMIER BANCORP, PPBI, Columbia Banking System, Columbia, Merger, Form 4, Insider Trading, Stock Disposal, Director, Jaynie M. Studenmund, Bank Merger