Columbia Banking System, Inc. (NASDAQ: COLB), parent company of Columbia Bank, today announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.37 per common share, representing a 3% increase to the most recent Columbia dividend declaration. The dividend is payable December 15, to shareholders of record as of November 28.
"We are pleased to announce an increase to our regular dividend, providing another form of capital return to our shareholders that complements our recently announced $700 million share repurchase program," commented CEO Clint Stein.
"Looking forward, we expect to produce exceptional profitability, which will result in meaningful capital generation over the coming quarters. Our strategic priorities, which include organic growth and balance sheet optimization, support our commitment to enhance long-term shareholder value in combination with a robust capital return platform."
Columbia Banking System, is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning western U.S. regional bank. Columbia Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington.
COLB shares began Friday off 17 cents to $26.70.
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