Columbia Banking System, the parent company of Columbia Bank, is opening an executive office in the Scottsdale area later this month. CEO Clint Stein has moved to Arizona, and several other executives have relocated there as well. The change has raised questions about what it means for the company’s Tacoma presence.
The bank is not announcing a full move out of Tacoma. Columbia’s corporate headquarters remain here, and the company says its Washington branches and banking offices will continue operating without changes to customer service. Columbia Bank’s newsroom lists Tacoma as the parent company’s headquarters and Lake Oswego, Oregon, as the bank’s headquarters.
Stein has cited Washington’s recent business and occupation tax increase as a factor in the executive relocation, telling regional business reporters it will add about $8 million a year to the company’s costs. The News Tribune reports that Columbia confirmed the figure refers to the B&O tax increase.
The Arizona office is expected to grow to as many as 50 employees, according to the Puget Sound Business Journal. Columbia has not said how many employees have moved or requested transfers. The bank says its commitment to Washington customers and communities remains unchanged.
Local officials say they are watching the leadership shift but have not been told the company plans to leave Pierce County. The News Tribune reports that Tacoma is prioritizing a meeting between Mayor Anders Ibsen and Stein. What the move could mean for Tacoma—and what the company has said about its future here—is explored in the News Tribune’s report here.
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