Lake Oswego’s West Coast Bancorp is merging with Tacoma’s Columbia Banking System Inc. in a deal worth about $506 million.

The two banking companies announced the merger Wednesday morning. The combined company will have about $7.2 billion in assets with more than 150 branches in Washington and Oregon.

“We think the transaction will provide outstanding benefits to our customers, communities, shareholders and other constituencies, along with enhancing our proven approach to community banking,” said Robert D. Sznewajs, West Coast Bancorp president and chief executive officer.

“We are very pleased that West Coast has agreed to join and grow with Columbia,” said Melanie J. Dressel, president and chief executive officer of Columbia.

The merger should be completed in the first quarter of 2013, after obtaining the approval of the shareholders of each company and necessary regulatory approvals. Boards of both companies have unanimously approved the plan.

Columbia Banking System is the holding company of Columbia State Bank, which has 101 banking offices, including 76 branches in Washington and 25 branches in Oregon. Columbia Bank does business under the Bank of Astoria name in Astoria, Warrenton, Seaside, Cannon Beach, Manzanita and Tillamook in Oregon.

West Coast Bancorp, with its headquarters on Meadows Road, is the parent company of West Coast Bank and West Coast Trust Co. Inc. It operates 58 branches in Oregon and Washington.

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