Form 4: Pacific Premier Exec's Shares Convert Post-Merger

Tamara Wendoll, President of Pacific Premier Trust, reported the conversion of her Pacific Premier Bancorp shares into Columbia Banking System stock following the companies' merger.

Summary

• Tamara Wendoll, President of Pacific Premier Trust, disposed of 34,170.234 shares of Pacific Premier Bancorp Inc. (PPBI) common stock.
• The transaction occurred on August 31, 2025, as a direct result of the merger between Pacific Premier Bancorp Inc. and Columbia Banking System, Inc.
• Pursuant to the merger agreement, each share of PPBI common stock was converted into the right to receive 0.9150 of a share of Columbia common stock, with cash paid in lieu of fractional shares.
• The disposed shares included 27,181 shares of restricted stock (Issuer RSA), which were assumed and converted into restricted stock awards in respect of Columbia common stock based on the same exchange ratio and terms.
• Following this transaction, Tamara Wendoll beneficially owns 0 shares of Pacific Premier Bancorp Inc. common stock.

Sentiment

Score: 7

Explanation: The filing is a routine report of an insider transaction following a completed merger, indicating the successful execution of a strategic corporate action. It does not contain new information that would significantly alter the company's outlook beyond what was known from the merger announcement.

Positives

• The successful completion of the merger between Pacific Premier Bancorp Inc. and Columbia Banking System, Inc. is confirmed by the share conversion.
• Restricted stock awards held by the executive were assumed and converted into Columbia Banking System shares, preserving the value of these equity incentives.

Negatives

• No direct negatives are reported in this specific Form 4 filing, as it is a routine disclosure of a transaction resulting from a completed corporate action.

Risks

• This Form 4 does not detail specific risks. Risks related to the merger itself would have been disclosed in prior proxy statements and other regulatory filings.

Future Outlook

The filing confirms the completion of the merger between Pacific Premier Bancorp Inc. and Columbia Banking System, Inc., indicating that Pacific Premier Bancorp Inc. no longer exists as a standalone entity. The future outlook is now tied to the performance and integration of the combined Columbia Banking System.

Industry Context

The transaction reflects ongoing consolidation within the banking sector, where smaller or regional banks are acquired by larger institutions to achieve scale, expand market reach, or enhance operational efficiencies.

Comparison to Industry Standards

• This Form 4 reports a standard insider transaction following a merger, which is a common occurrence in the banking industry during consolidation events.
• Similar share conversions and executive reporting would have occurred in the recent merger of First Citizens BancShares and SVB Financial Group, where executives of the acquired entity would report the conversion of their holdings into the acquiring company's stock.
• Another comparable event is the U.S. Bancorp acquisition of MUFG Union Bank, where similar equity conversions for executives and employees of the acquired entity would have been reported.

Stakeholder Impact

• Shareholders of Pacific Premier Bancorp Inc. had their shares converted into Columbia Banking System, Inc. common stock, reflecting the terms of the merger agreement.
• Employees holding restricted stock, such as Tamara Wendoll, had their awards converted into equivalent Columbia Banking System restricted stock awards, maintaining their equity incentives post-merger.

Next Steps

• For the reporting person, continued ownership of Columbia Banking System shares and restricted stock awards.
• For the combined entity, ongoing integration of Pacific Premier Bancorp's operations and assets into Columbia Banking System.

Key Dates

Keywords

Pacific Premier Bancorp, PPBI, Columbia Banking System, Merger, Form 4, Insider Transaction, Stock Disposal, Executive Compensation, Tamara Wendoll, Banking Sector