<SEC-DOCUMENT>0001193125-17-218508.txt : 20170629
<SEC-HEADER>0001193125-17-218508.hdr.sgml : 20170629
<ACCEPTANCE-DATETIME>20170629171756
ACCESSION NUMBER:		0001193125-17-218508
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170628
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170629
DATE AS OF CHANGE:		20170629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLUMBIA BANKING SYSTEM INC
		CENTRAL INDEX KEY:			0000887343
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				911422237
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20288
		FILM NUMBER:		17939518

	BUSINESS ADDRESS:	
		STREET 1:		1301 A STREET
		CITY:			TACOMA
		STATE:			WA
		ZIP:			98402
		BUSINESS PHONE:		2533051900

	MAIL ADDRESS:	
		STREET 1:		1301 A STREET
		CITY:			TACOMA
		STATE:			WA
		ZIP:			98402
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d403268d8k.htm
<DESCRIPTION>FORM 8-K
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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>June&nbsp;28, 2017 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>COLUMBIA
BANKING SYSTEM, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or
other jurisdiction of incorporation) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">000-20288</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">91-1422237</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1301 A Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tacoma, WA 98402 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address
of principal executive offices) (zip code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (253) <FONT
STYLE="white-space:nowrap">305-1900</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report.) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) of Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT
STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Appointment of President and Chief Executive Officer and Director </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;28, 2017, the Board of Directors (the &#147;Board&#148;) of Columbia Banking System, Inc. (the &#147;Company&#148;) appointed Hadley S. Robbins to
serve as the Company&#146;s President and Chief Executive Officer and a member of the Board effective as of July&nbsp;1, 2017. Mr.&nbsp;Robbins will also serve as the President and Chief Executive Officer of the Company&#146;s wholly owned
subsidiary, Columbia State Bank (&#147;Columbia Bank&#148;). In connection with Mr.&nbsp;Hadley&#146;s election as a director of the Company, the Board increased the size of the Board to 11 directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Robbins, 60, served as the Company&#146;s Executive Vice President and Chief Operating Officer from March 2014 through his appointment as Interim
Chief Executive Officer of the Company in February 2017. He joined Columbia Bank as Senior Vice President and Oregon Group Manager in April 2013, when the Company acquired West Coast Bancorp, where Mr.&nbsp;Robbins served as Executive Vice President
and Chief Credit Officer since 2007. Mr.&nbsp;Robbins has 38 years of banking experience and has held senior and executive positions with Wells Fargo Bank and community banks in the Pacific Northwest. In light of Mr.&nbsp;Robbins&#146; deep
experience in the community banking industry, demonstrated leadership ability and history with the Company, the Board has concluded that Mr.&nbsp;Robbins should be elected to the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no arrangements or understandings between Mr.&nbsp;Robbins and any other persons pursuant to which he was selected as a director. There are no
family relationships between Mr.&nbsp;Robbins and any director or executive officer of the Company (or person nominated or chosen to become a director or executive officer of the Company), and Mr.&nbsp;Robbins has no direct or indirect material
interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT><SUP STYLE="font-size:85%; vertical-align:top"></SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and Columbia Bank entered into an employment agreement (the &#147;Employment Agreement&#148;), effective July&nbsp;1, 2017, with Mr.&nbsp;Robbins
establishing his compensation as President and Chief Executive Officer. The Employment Agreement, which has a term of three years, provides that Mr.&nbsp;Robbins&#146; compensation will consist of an annual base salary of $700,000, a target annual
bonus opportunity of 60% of annual base salary (which, for 2017, will be determined based on the base salary actually paid to Mr.&nbsp;Robbins in 2017) and an annual target long-term incentive opportunity of 80% of annual base salary. In connection
with his appointment, Mr.&nbsp;Robbins will be granted long-term incentive awards with an aggregate grant date fair value equal to $260,000, 25% of which will be in the form of restricted stock and 75% of which will be in the form of performance
shares, in each case with terms consistent with the terms of the Company&#146;s 2017 long-term incentive awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the term of his employment with
the Company and Columbia Bank, Mr.&nbsp;Robbins will be entitled to participate in the benefits provided by the Company to its executives on a basis no less favorable than the benefits provided to other executives and will continue to participate in
his Supplemental Executive Retirement Plan in accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Mr.&nbsp;Robbins&#146; employment is terminated by the Company and Columbia
Bank for any reason other than cause, disability or death, or if Mr.&nbsp;Robbins terminates employment for good reason (as those terms are defined in the Employment Agreement), each of which we refer to as a &#147;qualifying termination,&#148;
Mr.&nbsp;Robbins will be entitled to receive any earned but unpaid bonus for a prior fiscal year and, subject to his execution of a release of claims, (1)&nbsp;cash severance equal to 2.0 times Mr.&nbsp;Robbins&#146; annual base salary, (2)&nbsp;a
prorated bonus for the year of termination based on actual performance, (3)&nbsp;a prorated portion of any long-term incentive awards (based on actual performance in the case of awards subject to performance-based vesting) and (4)&nbsp;continued
health and welfare benefits for 24 months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, if Mr.&nbsp;Robbins experiences a qualifying termination within six months
prior to, or within 24 months following, a change in control of the Company (as defined in the Employment Agreement), Mr.&nbsp;Robbins will be entitled to receive (1)&nbsp;any earned but unpaid bonus for a prior fiscal year, (2)&nbsp;cash severance
equal to 2.5 times the sum of Mr.&nbsp;Robbins&#146; annual base salary and target annual bonus, (3)&nbsp;a prorated target bonus for the year of termination and (4)&nbsp;subject to Mr.&nbsp;Robbins&#146; execution of a release of claims, continued
health and welfare benefits for 30 months. On any such qualifying termination, Mr.&nbsp;Robbins&#146; long-term incentive awards will be treated in accordance with their terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Mr.&nbsp;Robbins&#146; employment is terminated due to Mr.&nbsp;Robbins&#146; death or disability, Mr.&nbsp;Robbins will be entitled to receive any earned
but unpaid bonus for a prior fiscal year and Mr.&nbsp;Robbins&#146; long-term incentive awards will be treated in accordance with their terms. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Robbins will be subject to customary restrictive covenants, including
<FONT STYLE="white-space:nowrap">non-competition</FONT> and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> covenants during his employment and for two years following termination of employment for any reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the Employment Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Employment
Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;28, 2017, the Company issued a press release announcing
Mr.&nbsp;Robbins&#146; appointment as President and Chief Executive Officer of the Company and Columbia Bank and as a director of the Company. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in Item 7.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including
Exhibit 99.1 hereto, shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, Item 7.01 of this Current Report on
Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including Exhibit 99.1 hereto, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Exhibits</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are being filed herewith: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">Employment Agreement dated June&nbsp;28, 2017, by Columbia State Bank, Columbia Banking System, Inc. and Robbins.</TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top">Press release dated June&nbsp;28, 2017 (furnished and not filed for purposes of Item 7.01).</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Date: June&nbsp;29, 2017</TD>
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<TD VALIGN="bottom" COLSPAN="3">COLUMBIA BANKING SYSTEM, INC.</TD></TR>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David C. Lawson</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David C. Lawson</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Executive Vice President,
Chief Human Resources Officer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d403268dex101.htm">Employment Agreement dated June&nbsp;28, 2017, by Columbia State Bank, Columbia Banking System, Inc. and Robbins.</A></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d403268dex991.htm">Press release dated June&nbsp;28, 2017 (furnished and not filed for purposes of Item 7.01). </A></TD></TR>
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EMPLOYMENT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
EMPLOYMENT AGREEMENT (this &#147;<U>Agreement</U>&#148;) is entered into this 28th day of June 2017, by and between Columbia State Bank, a Washington banking corporation (&#147;<U>Columbia Bank</U>&#148;), together with Columbia Banking System,
Inc., a Washington corporation (&#147;<U>CBSI</U>&#148;) and, as applicable, its subsidiaries and affiliates (Columbia Bank, CBSI and their subsidiaries, collectively, the &#147;<U>Company</U>&#148;) and Hadley S. Robbins (the
&#147;<U>Executive</U>&#148;) and is effective as of July&nbsp;1, 2017 (the &#147;<U>Effective Date</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive currently serves as the Interim Chief Executive Officer of Columbia Bank and CBSI; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each of Columbia Bank and CBSI desires to employ the Executive as President and Chief Executive Officer for the period provided in
this Agreement, and the Executive desires to accept such employment, subject to the terms and conditions set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE,
in consideration of the mutual promises made in this Agreement, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term</U>. The term
(&#147;<U>Term</U>&#148;) of this Agreement is three years beginning on the Effective Date, unless terminated earlier in accordance with <U>Section&nbsp;3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Terms of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Position and Duties</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Executive shall serve as President and Chief Executive Officer of Columbia Bank and CBSI, with the duties and responsibilities that
are customarily assigned to such positions. The Executive shall report to the Board of Directors of Columbia Bank and the Board of Directors of CBSI (the &#147;<U>Board</U>&#148;) and the Executive&#146;s principal place of employment shall be at
the Company&#146;s corporate offices in Tacoma, Washington. The Executive shall be subject to and shall abide by each of the personnel policies applicable to senior executives and employees of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) On or as soon as practicable following the Effective Date, the Board shall appoint the Executive to the Board and during the Term, the
Company shall use its best efforts to nominate the Executive for reelection to the Board. The Executive shall not receive separate or additional compensation for such Board service. At, or any time after, the termination of the Executive&#146;s
employment with the Company, the Executive shall resign from the Board and from his position as an officer or director of any of the Company&#146;s subsidiaries if requested to do so by the Company. The preceding sentence shall survive any
termination of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) While employed by the Company, but excluding any periods of vacation and sick leave to which the
Executive is entitled under this Agreement, the Executive </P>

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shall be employed by the Company on a full-time basis and agrees to devote such time as is necessary to discharge the responsibilities assigned to the Executive hereunder and to use the
Executive&#146;s reasonable best efforts to perform such responsibilities faithfully and efficiently. The Executive may (A)&nbsp;with the prior written approval of the Chair of the Board (which will not be unreasonably withheld), serve on corporate,
civic or charitable boards or committees, (B)<U></U>&nbsp;deliver lectures, fulfill speaking engagements or teach at educational institutions, or (C)<U></U>&nbsp;manage personal investments, so long as such activities do not interfere with the
performance of the Executive&#146;s responsibilities to the Company and the Executive&#146;s compliance with this Agreement, including, but not limited to, <U>Section&nbsp;9</U> and <U>Section&nbsp;10</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Compensation</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)
<U>Base Salary</U>. Beginning on the Effective Date, the Executive shall receive an annual base salary (the &#147;<U>Annual Base Salary</U>&#148;) at a rate of $700,000, payable in accordance with the Company&#146;s normal payroll policies. The
Annual Base Salary shall be reviewed by the Compensation Committee of the Board (the &#147;<U>Committee</U>&#148;) for increase at least annually pursuant to the Company&#146;s normal performance review policies for executives. The Annual Base
Salary shall not be reduced after any increase and the term Annual Base Salary as used in this Agreement shall refer to Annual Base Salary as so increased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <U>Annual Bonus</U>. With respect to each fiscal year ending during the Term, the Executive shall be eligible to receive an annual bonus
(the &#147;<U>Annual Bonus</U>&#148;) with a target opportunity of not less than 60% of Annual Base Salary (the &#147;<U>Target Bonus</U>&#148;). The actual Annual Bonus earned by the Executive, which could be higher or lower than the Target Bonus,
shall be determined based on the attainment of performance objectives to be established by the Board or the Committee and shall be paid in accordance with the annual incentive plan for the year to which the Annual Bonus relates. The Annual Bonus
that is earned for 2017 shall be determined based on a target of 60% of the base salary actually paid to the Executive in 2017 (rather than the Annual Base Salary rate set forth in <U>Section&nbsp;2(b)(i)</U>) and will be subject to the 2017
performance objectives established by the Committee in the first quarter of 2017 as well as a threshold goal established by the Committee in its sole discretion related to the Company&#146;s performance after the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) <U>Long-Term Incentive Awards</U>. During the Term, the Executive shall participate in the Company&#146;s long-term incentive program
with an annual target opportunity of not less than 80% of Annual Base Salary (the &#147;<U>Annual LTI</U>&#148;). The parties agree that to effectuate this for 2017, on or as soon as practicable following the Effective Date, the Company shall grant
the Executive long-term incentive awards with an aggregate grant date fair value equal to $260,000 (the &#147;<U>2017 LTI</U>&#148;), 25% of which shall be in the form of restricted stock and the remainder of which shall be in the form of
performance shares. The 2017 LTI shall be granted with terms consistent with the terms applicable to the annual long-term incentive awards granted to the Executive in the first quarter of 2017 as well as a threshold goal established by the Committee
in its sole discretion related to the Company&#146;s performance after the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) <U>Other Employee Benefit Plans</U>.
While employed by the Company, the Executive and/or the Executive&#146;s family, as the case may be, shall be eligible for participation in all benefits under all plans, practices, policies and programs provided by the
</P>
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Company on a basis that is no less favorable than those generally applicable or made available to other executives of the Company (in all cases taking into account the Executive&#146;s service
with West Coast Bancorp (&#147;<U>WCB</U>&#148;) prior to WCB&#146;s acquisition by the Company). The Executive shall be eligible for participation in fringe benefits and perquisite plans, practices, policies and programs (including, without
limitation, expense reimbursement plans, practices, policies and programs) on a basis that is no less favorable than those generally applicable or made available to other senior officers of the Company. The Executive shall continue to participate in
the Columbia State Bank Supplemental Executive Retirement Plan by and between Columbia Bank and the Executive, as amended from time to time (the &#147;<U>SERP</U>&#148;), in accordance with its terms and conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Death or Disability</U>. The Executive&#146;s employment shall terminate automatically upon the Executive&#146;s death. If the Company
determines in good faith that the Disability of the Executive has occurred while the Executive is employed by the Company (pursuant to the definition of Disability set forth below), it may provide the Executive with written notice in accordance with
<U>Section&nbsp;11(a)</U> of this Agreement of its intention to terminate the Executive&#146;s employment. In such event, the Executive&#146;s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the
Executive (the &#147;<U>Disability Effective Date</U>&#148;); <U>provided</U> that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive&#146;s duties. For purposes of this Agreement,
&#147;<U>Disability</U>&#148; shall mean the absence of the Executive from the Executive&#146;s duties with the Company on a full-time basis for 90 consecutive days, or a total of 180 days in any <FONT STYLE="white-space:nowrap">12-month</FONT>
period, as a result of incapacity due to mental or physical illness that is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive&#146;s legal representative.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Cause</U>. The Company may terminate the Executive&#146;s employment either with or without Cause. For purposes of this Agreement,
&#147;<U>Cause</U>&#148; shall mean: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) embezzlement, dishonesty or other fraudulent acts involving the Company or the Company&#146;s
business operations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) willful material breach of Section<U></U>&nbsp;10 of this Agreement or a confidentiality policy of the
Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) conviction (where entered upon a verdict or a plea, including a plea of no contest) on any felony charge or on a
misdemeanor directly reflecting upon the Executive&#146;s honesty; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) an act or omission that materially injures the Company&#146;s
reputation, business affairs or financial condition, if that injury could have been reasonably avoided by the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Good
Reason</U>. The Executive&#146;s employment may be terminated by the Executive with or without Good Reason. For purposes of this Agreement, &#147;<U>Good Reason</U>&#148; shall mean, in the absence of a written consent of the Executive, any of the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) A material diminution in the Executive&#146;s total compensation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) A material diminution in the Executive&#146;s authority, duties, or responsibilities; or
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) A material change in the geographic location at which the Executive must perform services (within the meaning of Treasury
Regulations Section&nbsp;1.409A-1(n)(2)(ii)(A)(5)), <U>provided</U> that in no event shall a change in geographic location of less than forty-five (45)&nbsp;miles be considered a material change in geographic location for purposes of this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event of any of the forgoing circumstances, the Executive shall provide notice to the Company of the existence of the conditions described above
within a period not to exceed ninety (90)&nbsp;days of the initial existence of said condition, upon the notice of which the Company must be provided a period of at least thirty (30)<U></U>&nbsp;days during which it may remedy the condition. If the
condition is not remedied within those thirty (30)<U></U>&nbsp;days, and the Executive voluntarily terminates (other than due to Disability) his employment within sixty (60)<U></U> days after such <FONT STYLE="white-space:nowrap">30-day</FONT>
period, then such termination shall be deemed to have been for &#147;Good Reason.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Notice of Termination</U>. Any termination
by the Company for Cause, or by the Executive for Good Reason, shall be communicated by notice of termination to the other party hereto given in accordance with Section&nbsp;11(a) of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Date of Termination</U>. &#147;<U>Date of Termination</U>&#148; means (i)&nbsp;if the Executive&#146;s employment is terminated by the
Company for Cause, or by the Executive with or without Good Reason, the date of receipt of the notice of the termination of the Executive&#146;s employment with the Company or any later date specified therein within 30<U></U>&nbsp;days of such
notice, as the case may be, (ii)<U></U>&nbsp;if the Executive&#146;s employment is terminated by the Company other than for Cause, Disability or death, the Date of Termination shall be the date on which the Company notifies the Executive of such
termination and (iii)<U></U>&nbsp;if the Executive&#146;s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Obligations of the Company upon Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Qualifying Termination</U>. If (1) the Company terminates the Executive&#146;s employment for any reason other than for Cause,
Disability or death or (2) the Executive terminates employment for Good Reason (each, a &#147;<U>Qualifying Termination</U>&#148;), in either case more than six months prior to, or more than 24 months following, a Change in Control (as defined in
the 2014 Stock Option and Equity Compensation Plan of Columbia Banking System, Inc.): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the Company shall pay to the Executive in a
lump sum in cash within 30 days after the Date of Termination the aggregate of (1)&nbsp;the Executive&#146;s accrued Annual Base Salary and any accrued vacation pay through the Date of Termination, (2)<U></U>&nbsp;the Executive&#146;s business
expenses that have not been reimbursed by the Company as of the Date of Termination that were incurred by the Executive prior to the Date of Termination in accordance with the applicable Company policy, and (3)<U></U>&nbsp;the Executive&#146;s
Annual Bonus earned for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs if such bonus has been determined but not paid as of the Date of Termination (the sum of the amounts described in
clauses<U></U>&nbsp;(1) through (3)<U></U>&nbsp;shall be hereinafter referred to as the &#147;<U>Accrued Obligations</U>&#148;); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) subject to <U>Section&nbsp;4(e)</U>, the Company shall pay to the Executive a cash
severance benefit in an amount equal to two times the Executive&#146;s Annual Base Salary (the &#147;<U>Severance Benefits</U>&#148;). The Company shall pay the Severance Benefits in substantially equal installments in accordance with the
Company&#146;s normal payroll policies over the two-year period following the Date of Termination; <U>provided</U> that the first payment shall be made on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the Date of
Termination and shall include all installments otherwise payable within such 60-day period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) subject to <U>Section&nbsp;4(e)</U>,
the Company shall pay to the Executive in a lump sum in cash a pro rata portion of any Annual Bonus earned for the year in which the Date of Termination occurs (with proration determined based on the number of months in the fiscal year in which the
Executive is employed with the Company). The Company shall pay the prorated Annual Bonus at the same time as the Company pays annual bonuses to active employees (and no later than March<U></U>&nbsp;15 of the year following the fiscal year to which
the Annual Bonus relates); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) subject to <U>Section&nbsp;4(e)</U>, a pro rata portion of any long-term incentive awards granted to the
Executive shall vest as follows: (1)<U></U>&nbsp;a pro rata portion of any long-term incentive award that is not subject to performance-based vesting conditions shall vest as of the Date of Termination (with proration determined based on the number
of months in the applicable vesting period in which the Executive is employed with the Company) and (2)<U></U>&nbsp;a pro rata portion of any long-term incentive award that is subject to performance-based vesting conditions shall vest as of the
regularly scheduled vesting date based on actual performance (with proration determined based on the number of months in the applicable vesting period in which the Executive is employed with the Company), and, in each case, any payment or delivery
shall be made in respect of such awards within 60 days following vesting subject to compliance with Section<U></U>&nbsp;409A of the Code. For illustrative purposes only, if the Executive holds 96 restricted shares that are scheduled to vest over a
four-year period (the &#147;<U>Illustrative Vesting Period</U>&#148;) and that are not subject to performance vesting, and the Executive&#146;s employment terminates 15.5 months after the beginning of the Illustrative Vesting Period, then 16/48 of
the restricted shares (32 restricted shares) will vest upon the Executive&#146;s termination (regardless of the vesting schedule set forth in the award and without duplication of any previous vesting) subject to <U>Section&nbsp;4(e)</U> and the
remaining 64 restricted shares will be forfeited; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) subject to <U>Section 4(e)</U>, for the 24-month period immediately following the
Date of Termination, the Company shall continue the health and welfare benefits provided to the Executive and his dependents at the levels provided to active employees; <U>provided</U> that, if the Company determines that such continuation is not
feasible without the payment of taxes or penalties or is not permissible under applicable law, the Company and the Executive shall cooperate in good faith to modify this section in such a manner that does not materially increase the cost to the
Company (collectively, the &#147;<U>Welfare Benefits</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) to the extent not theretofore paid or provided, the Company
shall timely pay or provide to the Executive any other amounts or benefits required to be paid or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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provided or that the Executive is eligible to receive under any plan, program, policy, practice, contract or agreement of the Company and its affiliated companies through the Date of Termination
(such other amounts and benefits shall be hereinafter referred to as the &#147;<U>Other Benefits</U>&#148;). As used in this Agreement, the term &#147;affiliated companies&#148; shall include any company controlled by, controlling or under common
control with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Qualifying Termination in Connection with a Change in Control</U>. If the Executive experiences a
Qualifying Termination within six months prior to, or within 24 months following, a Change in Control: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the Company shall pay to the
Executive in a lump sum in cash within 30 days after the Date of Termination the Accrued Obligations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the Company shall pay to the
Executive a cash severance benefit in an amount equal to 2.5 times the sum of the Executive&#146;s Annual Base Salary and Target Bonus (the &#147;<U>CIC Severance Benefits</U>&#148;). The Company shall pay the CIC Severance Benefits in substantially
equal monthly installments in accordance with the Company&#146;s normal payroll policies over a <FONT STYLE="white-space:nowrap">30-month</FONT> period following the Date of Termination; <U>provided</U> that, if the Date of Termination is prior to a
Change in Control, the first payment after the Change in Control shall include amounts owed and not paid prior to the Change in Control as a result of the difference in value between the CIC Severance Benefits and the Severance Benefits; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the Company shall pay to the Executive in a lump sum in cash a pro rata portion of the Executive&#146;s Target Bonus (with proration
determined based on the number of months in the fiscal year in which the Executive is employed with the Company). The Company shall pay the prorated Target Bonus no later than March<U></U>&nbsp;15 of the year following the fiscal year to which the
Annual Bonus relates; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) the Executive&#146;s long-term incentive awards shall be treated in accordance with their terms; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) subject to <U>Section&nbsp;4(e)</U>, for the 30-month period immediately following the Date of Termination, the Company shall continue
the Welfare Benefits; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive
the Other Benefits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Death; Disability</U>. If the Executive&#146;s employment is terminated by reason of the Executive&#146;s
death or Disability, this Agreement shall terminate without further obligations to the Executive&#146;s legal representatives or the Executive, as applicable, under this Agreement, other than for (i)&nbsp;payment of Accrued Obligations and
(ii)<U></U>&nbsp;the timely payment or provision of Other Benefits. The Accrued Obligations shall be paid to the Executive&#146;s estate or beneficiary or the Executive, as applicable, in a lump sum in cash within 30 days of the Date of Termination.
With respect to the provision of the Other Benefits, the term Other Benefits as utilized in this <U>Section&nbsp;4(c)</U> shall include death benefits, if applicable, for which the Company pays as in effect on the date of the Executive&#146;s death.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Cause; Other Than for Good Reason</U>. If the Executive&#146;s employment is terminated by
the Company for Cause or the Executive terminates employment without Good Reason, this Agreement shall terminate without further obligations to the Executive&#146;s legal representatives or the Executive, as applicable, under this Agreement, other
than for (i)&nbsp;payment of Accrued Obligations and (ii)<U></U>&nbsp;the timely payment or provision of Other Benefits. The Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Release of Claims</U>. The termination benefits described in <U>Section 4(a)</U> of this Agreement (excluding the Accrued Benefits and
Other Benefits) shall be conditioned on the Executive delivering to the Company, and not revoking, a signed release of claims in a form provided by the Company within fifty-five days following the Date of Termination. Notwithstanding any provision
of this Agreement to the contrary, in no event shall the timing of the Executive&#146;s execution of the release, directly or indirectly, result in the Executive designating the calendar year of payment, and, to the extent required by
Section&nbsp;409A of the Code, if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be made in the later taxable year, as promptly as practicable following the later of
(1)<U></U>&nbsp;the execution of the release and (2)<U></U>&nbsp;the first business day of such later taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Full
Settlement</U>. The Company&#146;s obligation to make the payments provided for in this Agreement and otherwise to perform the obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense or other claim, right or
action that the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions
of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Section 280G</U>.
In the event that any payments or benefits otherwise payable to the Executive (1)<U></U>&nbsp;constitute &#147;parachute payments&#148; within the meaning of Section<U></U>&nbsp;280G of the Code, and (2)<U></U>&nbsp;but for this
<U>Section&nbsp;6</U>, would be subject to the excise tax imposed by Section<U></U>&nbsp;4999 of the Code, then such payments and benefits shall be either (x)<U></U>&nbsp;delivered in full, or (y)<U></U>&nbsp;delivered as to such lesser extent that
would result in no portion of such payments and benefits being subject to excise tax under Section<U></U>&nbsp;4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment
taxes and the excise tax imposed by Section<U></U>&nbsp;4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by the Executive on an after-tax basis, of the greatest amount of benefits. Any reduction in payments
and/or benefits required by this provision shall occur in the following order: (1)<U></U>&nbsp;reduction of cash payments that are exempt from Section<U></U>&nbsp;409A of the Code; (2)<U></U>&nbsp;reduction of vesting acceleration of equity awards;
and (3)<U></U>&nbsp;reduction of other benefits paid or provided to the Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting shall be cancelled in a manner that results in the maximum
economic benefit to the Executive subject to compliance with Section<U></U>&nbsp;409A of the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Successors</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive.
This Agreement shall inure to the benefit of and be enforceable by the Executive&#146;s legal representatives, heirs or legatees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Company shall
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, the &#147;Company&#148; shall mean the Company as hereinbefore defined and any successor to its business and/or
assets as aforesaid that assumes and agrees to perform this Agreement by operation of law, or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Governing Law; Venue;
Arbitration</U>. This Agreement is made with reference to and is intended to be construed in accordance with the laws of the State of Washington. Venue for any action arising out of or concerning this Agreement shall lie in Pierce County,
Washington. In the event of a dispute under this Agreement, the dispute shall be arbitrated pursuant to the Superior Court Mandatory Arbitration Rules (&#147;<U>MAR</U>&#148;) adopted by the Washington State Supreme Court, irrespective of the amount
in controversy. This Agreement shall be deemed as stipulation to the effect pursuant to MAR 1.2 and 8.1. The arbitrator, in his or her discretion, may award attorney&#146;s fees to the prevailing party or parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Restrictive Covenants</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Non-competition</U>. The Executive agrees that, during the Executive&#146;s employment with the Company, and for a period of two years
thereafter (collectively, the &#147;<U>Non-Competition Period</U>&#148;), the Executive shall not directly or indirectly become interested in, as a &#147;founder,&#148; organizer, principal shareholder, director, or officer, any financial
institution, now existing or organized hereafter, that competes or may compete with the Company or any of its affiliates (for purposes of this <U>Section 9</U>, collectively the &#147;<U>Company</U>&#148;), including any successor, within any county
in which the Company does business; <U>provided</U> that the Executive shall not be deemed a &#147;principal shareholder&#148; unless (i) the Executive&#146;s investment in such an institution exceeds 2% of the institution&#146;s outstanding voting
securities or (ii) the Executive is active in the organization, management or affairs of such institution. The provisions restricting competition by the Executive may be waived by action of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Non-interference</U>. During the Non-Competition Period, the Executive shall not (a) solicit or attempt to solicit any other employee
of the Company to leave the employ of the Company, or in any way interfere with the relationship between the Company and any other employee of the Company, (b) solicit or attempt to solicit any customer of the Company to cease doing business with
the Company or to otherwise divert such customer&#146;s business from the Company, or (c) solicit or attempt to solicit any supplier, licensee, or other business relations of the Company to cease doing business with the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Interpretation</U>. If a court or any other administrative body with jurisdiction over a
dispute related to this Agreement should determine that the restrictive covenants set forth in this <U>Section&nbsp;9</U> are unreasonably broad, the parties hereby authorize and direct said court or administrative body to narrow the same so as to
make it reasonable, given all relevant circumstances, and to enforce the same. The covenants in this <U>Section 9</U> shall survive termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Injunctive Relief</U>. The Executive recognizes and agrees that any breach of the covenants set forth in this <U>Section 9</U> by the
Executive will cause immediate and irreparable injury to the Company, and the Executive hereby authorizes recourse by the Company to injunction and/or specific performance, as well as to other legal or equitable remedies to which either may be
entitled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Confidentiality</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Nondisclosure</U>. The Executive shall not use or disclose any confidential information (as defined in subsection (c) below) either
during or following the term of this Agreement, except as required by the Executive&#146;s duties under this Agreement or as otherwise allowed under subsection (b) below. Notwithstanding anything to the contrary in this Agreement or otherwise,
nothing shall limit the Executive&#146;s rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. The Executive is hereby
notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that
is made (1) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint
or other document filed in a lawsuit or other proceeding, or (3) to the Executive&#146;s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for
such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Exceptions</U>. The Executive&#146;s nondisclosure obligation under subsection (a) above does not apply to any use or disclosure that
is: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1) Made with the prior written consent of the Board; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2) Required by a court order or a subpoena from a government agency (provided, however, that the Executive must first provide the Company
with reasonable notice of the court order or subpoena in order to allow the Company the opportunity to contest the requested disclosure); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3) Of confidential information that has been previously disclosed to the public by the Company or is in the public domain (other than by
reason of Executive&#146;s breach of this Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Confidential Information</U>&#148; includes any of the Company&#146;s
(or its subsidiaries&#146; or affiliate&#146;s) trade secrets, customer or prospect lists, information regarding </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
product development, marketing plans, sales plans, strategic plans, projected acquisitions or dispositions, management agreements, management organization information (including data and other
information relating to members of the Board of Directors of Columbia Bank, the Board and management), operating policies or manuals, business plans, purchasing agreements, financial records, or other similar financial, commercial, business or
technical information of any information that the Company or any of its subsidiaries or affiliates has received from service providers, other vendors or customers that these third parties have designated as confidential or proprietary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Survival</U>. This section shall survive the termination of Executive&#146;s employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Miscellaneous</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other parties or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If&nbsp;to&nbsp;the&nbsp;Executive:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At the most recent address on file at the Company.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Company:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Columbia Bank<BR>1301 &#145;A&#146; Street, Ste. 800<BR>Tacoma, WA 98402-4200<BR>ATTN: (Corporate Secretary)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) This Agreement may be
executed by .pdf or facsimile signatures and in any number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any provision of this Agreement that by its terms continues
after the expiration of this Agreement or the termination of the Executive&#146;s employment shall survive in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) This Agreement is intended to comply with the requirements of Section 409A of the Code (together with the applicable regulations
thereunder, &#147;<U>Section 409A</U>&#148;). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, such provision shall be read in such a manner so that all payments due under this
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Agreement shall comply with Section 409A. In no event may Executive, directly or indirectly, designate the calendar year of payment. Each payment under this Agreement shall be treated as a
separate payment for purposes of Section 409A. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#146;s separation from service within the meaning of Section 409A of the Code, the Executive is considered a
&#147;specified employee&#148; within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that the Executive becomes entitled to under this Agreement is deferred compensation subject to interest, penalties and additional tax
imposed pursuant to Section 409A of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be payable prior to the date that is the earlier of (i) six months and one day after the Executive&#146;s
separation from service or (ii) the Executive&#146;s death. In no event shall the date of termination of the Executive&#146;s employment be deemed to occur until the Executive experiences a &#147;separation from service&#148; within the meaning of
Section 409A of the Code, and notwithstanding anything contained herein to the contrary, the date on which such separation from service takes place shall be the Date of Termination. All reimbursements provided under this Agreement shall be provided
in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) the amount of expenses eligible for reimbursement during one calendar year shall not affect the amount of expenses eligible for
reimbursement in any other calendar year; (B) the reimbursement of an eligible expense shall be made no later than the last day of the calendar year following the calendar year in which the expense is incurred; and (C) the right to any reimbursement
shall not be subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, the Company makes no representation or covenant to ensure that the payments and benefits under this Agreement are exempt from, or compliant with,
Section 409A of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Except as explicitly set forth herein, this Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof, and supersedes all prior agreements, oral or written, between the parties hereto with respect to the subject matter hereof including, without limitation, the Change in Control Agreement between
Columbia State Bank and the Executive dated February<U></U> 4, 2014 and the Employment Agreement between the Company and the Executive dated September 25, 2012, each of which shall terminate effective as of the Effective Date. For the avoidance of
doubt, the parties understand, acknowledge, and agree that the terms of this Agreement are not intended by the Executive, Columbia Bank, or CBSI, and shall not be interpreted by any party, court or arbitrator, to supersede, modify, amend, change,
negate, cancel or render null or void the terms of the SERP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of Page Intentionally Left Blank</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Executive has hereunto set the Executive&#146;s hand and, pursuant to the
authorization from their respective boards of directors, each of Columbia Bank and the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">EXECUTIVE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Hadley S. Robbins</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COLUMBIA STATE BANK</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William T. Weyerhaeuser</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">William T. Weyerhaeuser</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COLUMBIA BANKING SYSTEM, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William T. Weyerhaeuser</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">William T. Weyerhaeuser</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g403268ex991logo.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>FOR IMMEDIATE RELEASE </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>June&nbsp;28, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hadley S. Robbins Named CEO of Columbia Banking System </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TACOMA, Washington, June</B><B></B><B>&nbsp;28, 2017</B> &#151; Columbia Banking System, Inc. (NASDAQ: COLB) (&#147;Columbia&#148;) today announced that
Hadley S. Robbins, Interim Chief Executive Officer, has been named President and Chief Executive Officer of Columbia Banking System and its wholly owned subsidiary, Columbia Bank, effective July&nbsp;1, 2017. Robbins will also join Columbia&#146;s
Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;After conducting a thorough search and interviewing many highly-qualified candidates, it was clear that Hadley is the best
person to lead Columbia and was the Board&#146;s unanimous choice,&#148; said William Weyerhaeuser, Chairman of the Board of Columbia. &#147;Hadley brings the perfect combination of 35 years of experience in community banking and an <FONT
STYLE="white-space:nowrap">in-depth</FONT> understanding of Columbia&#146;s operations and customer-facing business lines that he led as Chief Operating Officer since 2014. He also reflects the best attributes of Columbia&#146;s culture: our
commitment to our customers and our high ethical standards, our leadership in the communities we serve, and a dedication to maintaining an outstanding workplace for all our employees. We were very fortunate to have Hadley step into the role of
Interim Chief Executive Officer following the untimely death of Melanie Dressel and he has proven his ability to lead Columbia during a difficult time of transition.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Robbins was appointed Interim Chief Executive Officer on February&nbsp;22, 2017, and has served as Executive Vice President and Chief Operating
Officer of Columbia since March 2014, with responsibility for Columbia&#146;s customer-facing business lines, including Commercial Banking, Retail Banking and Wealth Management. His experience includes executive or senior management positions with
West Coast Bancorp, Wells Fargo Bank, Pacific Northwest Bank, Bank of the Northwest and First Interstate Bank. He holds an MBA from the University of Oregon and a BS in Business Administration from Lewis and Clark College. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robbins commented, &#147;I am deeply honored by the Board&#146;s confidence in me, and I look forward to executing the strategic initiatives that have
positioned Columbia to emerge as the leading community bank in the Pacific Northwest. We have a talented and experienced team throughout our organization, and together we will continue our focus on creating value for all our stakeholders while
fulfilling Melanie Dressel&#146;s enduring legacy.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Columbia </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service
commercial bank with locations throughout Washington, Oregon and Idaho. For the tenth consecutive year, the bank was named in 2016 as one of <I>Puget Sound Business Journal&#146;s</I> &#147;Washington&#146;s Best Workplaces.&#148; Columbia ranked in
the top 30 on the 2017 <I>Forbes</I> list of best banks for the fifth year in a row. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">More information about Columbia can be found on its website at <U>www.columbiabank.com</U>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Note Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, descriptions of Columbia&#146;s management&#146;s expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia&#146;s
style of banking and the strength of the local economy. The words &#147;will,&#148; &#147;believe,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;should,&#148; and &#147;anticipate&#148; or the negative of these words or words of similar
construction are intended in part to help identify forward looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risks and uncertainties, many of which are outside our control,
that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia&#146;s filings with the Securities and Exchange Commission, available at the
SEC&#146;s website at <U>www.sec.gov</U> and the Company&#146;s website at <U>www.columbiabank.com</U>, including the &#147;Risk Factors,&#148; &#147;Business&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations&#148; sections of our annual reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> (as applicable), factors that may cause actual results to
differ materially from those contemplated by such forward-looking statements include, among others, the following: (1)&nbsp;local, national and international economic conditions may be less favorable than expected or have a more direct and
pronounced effect on Columbia than expected and adversely affect Columbia&#146;s ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2)&nbsp;changes in interest rates could significantly
reduce net interest income and negatively affect funding sources; (3)&nbsp;projected business increases following strategic expansion or opening or acquiring new branches may be lower than expected; (4)&nbsp;costs or difficulties related to the
integration of acquisitions may be greater than expected; (5)&nbsp;competitive pressure among financial institutions may increase significantly; and (6)&nbsp;legislation or regulatory requirements or changes may adversely affect the businesses in
which Columbia is engaged. We believe the expectations reflected in our forward-looking statements are reasonable, based on information available to us on the date hereof. However, given the described uncertainties and risks, we cannot guarantee our
future performance or results of operations and you should not place undue reliance on these forward-looking statements which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, except as required by the federal securities laws. The factors noted above and the risks and uncertainties described in our SEC filings should be considered when reading any forward-looking
statements in this release. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Investor contacts:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Hadley S. Robbins</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Clint E. Stein</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investor Relations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(253) <FONT STYLE="white-space:nowrap">305-1921</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Media contact:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Moira Conlon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Financial Profiles, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(310) <FONT STYLE="white-space:nowrap">622-8220</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
