A major Pacific Northwest bank is shifting some of its top leadership to Arizona.
First reported by The Puget Sound Business Journal, the Columbia Banking System is opening an executive office in the Scottsdale area.
The office will open later this month.
The exodus of Columbia Bank executives began with CEO Clint Stein, who sold his Auburn home (for $2.45 million in September) to relocate to Arizona permanently. According to The Puget Sound Business Journal, the company said new Washington taxes are costing it approximately $8 million a year, prompting the decision to move most executive roles to Arizona.
As for where Columbia Bank will be headquartered, Stein stated it will remain in the Pacific Northwest. Columbia is currently headquartered in Lake Oswego, Oregon, but many of its primary offices are in Tacoma.
“At some point, as a regional company, that probably will change,” Stein told The Puget Sound Business Journal. “It’s based on where our executives spend the majority of their time, which going forward is less and less in Tacoma.”
Columbia Bank still has its largest branch presence in Washington, with 109 locations. Columbia also has 105 locations in Oregon, 96 in California, 24 in Idaho, six in Nevada, six in Arizona, three in Colorado, and two in Utah.
It’s the fastest-growing bank in Washington.
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