Columbia Bank Executives Relocate to Arizona Amid Tax Burden

Columbia Bank Executives Relocate to Arizona Amid Tax Burden Columbia Bank executives, including the CEO, are moving to Arizona to mitigate high Washington state taxes. The bank's headquarters will remain in the Pacific Northwest, but operations are shifting to where executives spend the most time. 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 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."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.