Columbia Bank and ForgiveCo Partner to Erase $5 Million in Medical Debt for Southern California Veterans

Rhea-AI Summary

Columbia Bank (Nasdaq: COLB) partnered with public benefit corporation ForgiveCo to erase $5 million in medical debt for more than 2,000 veterans and families in Southern California. The initiative is part of Columbia Bank’s June 1–July 31 celebration of America’s 250th anniversary.

Eligible individuals earning up to 80% of area median income with qualifying debt in collections will be randomly selected, with no application required, and will receive additional free financial counseling and resources.

News Market Reaction – COLB

-2.43%

-2.43% Session close to close

In the Jul 2 session, COLB declined 2.43%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

By committing $5 million to erase medical debt for over 2,000 veterans and families, Columbia Bank h...

Analysis

By committing $5 million to erase medical debt for over 2,000 veterans and families, Columbia Bank highlights a community-focused strategy ahead of upcoming earnings. Investors may watch whether such initiatives enhance brand value amid recent insider net selling and low short positioning.

Key Figures

Medical debt relieved: $5 million Beneficiary households: over 2,000 veterans and families Income eligibility threshold: 80% of area median income +5 more

8 metrics

Medical debt relieved $5 million Veterans and families in Southern California

Beneficiary households over 2,000 veterans and families Medical debt forgiveness across five California counties

Income eligibility threshold 80% of area median income Recipients with qualifying medical debt in collections

Nonprofit grants total $100,000 Grants to nonprofits supporting active-duty and veterans

Per-nonprofit grant $25,000 Four selected nonprofits serving active-duty and veterans

Number of nonprofits 4 organizations To receive $25,000 grants each

Campaign period June 1–July 31 Commemoration of the 250th anniversary of the United States

Anniversary milestone 250th anniversary Framing for veteran-focused initiatives and outreach

Historical Context

5 past events · Latest: Jun 30 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 30	Earnings call scheduling	Neutral	+0.2%	Announced date and time for 2Q26 earnings release and conference call.
Jun 25	Business survey release	Positive	+1.7%	Published 2026 Business Barometer showing growth expectations among small and midsize firms.
May 15	Dividend declaration	Positive	-1.2%	Declared $0.37 per share quarterly cash dividend payable June 15, 2026.
Apr 30	Business expansion	Positive	+1.6%	Launched Franchise Banking Team to expand services to restaurant franchisors and operators.
Apr 23	1Q26 earnings report	Positive	-1.4%	Reported $192M net income, EPS metrics, buyback activity and capital ratios for 1Q26.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news has produced mixed reactions, with some positive announcements met by selling while others aligned with constructive headlines.

Key Terms

public benefit corporation, area median income, delinquent medical debt

3 terms

public benefit corporation regulatory

"partnership with public benefit corporation ForgiveCo to eliminate $5 million"

A public benefit corporation is a legal type of company that pledges to pursue a specific public good—such as environmental protection, worker welfare or community development—alongside earning profits for shareholders. Like a restaurant that promises to source local ingredients while still trying to turn a profit, this structure lets managers weigh social goals against financial returns, which can influence strategy, risk profile and investor expectations about how decisions are made.

area median income financial

"Those earning up to 80% of area median income with qualifying debt"

Area median income (AMI) is the midpoint household income for a specific metropolitan area or county — half of households earn more and half earn less. Investors use AMI to gauge local housing affordability and eligibility for income-restricted programs and tax incentives; think of it as a local benchmark that helps predict demand for market-rate versus subsidized rental housing, rent-setting, and potential access to development subsidies or favorable financing.

delinquent medical debt financial

"purchasing large portfolios of delinquent medical debt at a fraction"

Delinquent medical debt is unpaid medical bills that have passed their due date and are in collections or otherwise unresolved. Like a household falling behind on a utility bill, it can erode a patient’s ability to spend, create losses for hospitals, insurers or lenders, and raise credit and regulatory risks for companies that treat, finance or collect healthcare charges—making it material to investors assessing financial health and consumer demand.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Bank launches veteran medical debt relief initiative in celebration of America's 250^th anniversary

TACOMA, Wash., July 2, 2026 /PRNewswire/ -- Columbia Bank, a subsidiary of Columbia Banking System, Inc. (Nasdaq: COLB), today announced its partnership with public benefit corporation ForgiveCo to eliminate $5 million in medical debt for veterans and their families. The initiative headlines Columbia Bank's commemoration this summer of America's 250th anniversary across its western footprint.

In partnership with ForgiveCo, Columbia Bank will eliminate medical debt for over 2,000 veterans and their families across Los Angeles, Orange, Riverside, San Bernardino and San Diego counties. Those earning up to 80% of area median income with qualifying debt currently in collections will be randomly selected and notified by ForgiveCo, with no application required.

In addition to medical debt relief, recipients will have access to complimentary services that include counseling, guidance and educational resources to support long-term financial stability.

"Few priorities are more important than ensuring veterans and their families have access to economic opportunity," said Clint Stein, CEO of Columbia Bank. "As we celebrate America's 250th anniversary, we are proud to support those who have served our country and to help strengthen their financial futures."

Medical debt remains a significant barrier to financial well-being, often limiting access to credit, housing and employment opportunities. Since 2021, ForgiveCo has erased millions of dollars in debt nationwide by purchasing large portfolios of delinquent medical debt at a fraction of the original value and partnering with organizations to fund relief efforts.

"Medical debt can create lasting financial challenges for veterans, particularly during major life transitions such as returning to civilian life," said Craig Antico, CEO of ForgiveCo. "Many of the individuals we reach are carrying debts in collections that negatively impact their credit and limit their opportunities. Eliminating even a single debt can make a profound difference."

Celebrating America's 250th Anniversary

From June 1 through July 31, Columbia Bank is commemorating the 250th anniversary of the United States through a series of initiatives designed to support active-duty service members, veterans and organizations that serve them, including:

• Medical Debt Relief
  Columbia Bank is partnering with ForgiveCo to eliminate $5 million in medical debt for active-duty service members, veterans and their families.
• $100,000 in Nonprofit Grants
  Through a series of activities, Columbia Bank customers and associates will select four nonprofits supporting active-duty service members and veterans to receive $25,000 grants each.
• NASCAR Active-Duty and Veteran-Owned Business VIP Experience
  In partnership with Joe Gibbs Racing, McAnally-Hilgemann Racing and the Navy SEAL Foundation, Columbia Bank recently hosted a VIP experience for veteran and active-duty business owners from across its footprint.

For more information, visit ColumbiaBank.com/Veterans.

About Columbia Bank

Columbia Bank is an award-winning preeminent regional bank with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. It combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Columbia Bank is the principal subsidiary of Columbia Banking System, Inc. (Nasdaq: COLB). Learn more at columbiabank.com and columbiabankingsystem.com.

About ForgiveCo

ForgiveCo is a public benefit corporation that provides business advisory services to corporations, non-profits, and brands for the acquisition, administration, and cancellation of consumer debt, and advisory services in the fields of branding, goodwill creation, and bulk debt management – Transforming debt into goodwill™. To learn more about ForgiveCo, please visit forgiveco.com and follow ForgiveCo on all major social media channels.

View original content to download multimedia:https://www.prnewswire.com/news-releases/columbia-bank-and-forgiveco-partner-to-erase-5-million-in-medical-debt-for-southern-california-veterans-302817147.html

SOURCE Columbia Bank

FAQ

What did Columbia Bank (NASDAQ: COLB) announce about veteran medical debt relief on July 2, 2026?

Columbia Bank announced a partnership with ForgiveCo to erase $5 million in medical debt for Southern California veterans and families. According to Columbia Bank, more than 2,000 people will benefit, with recipients also receiving complimentary financial counseling, guidance and educational resources.

Who qualifies for Columbia Bank and ForgiveCo’s $5 million veteran medical debt relief program in Southern California?

Eligible recipients are veterans, active-duty service members and families with qualifying medical debt in collections and income up to 80% of area median. According to Columbia Bank, ForgiveCo will randomly select and notify beneficiaries, and no application is required from individuals.

Which Southern California counties are included in Columbia Bank’s veteran medical debt relief initiative?

The initiative covers veterans and families in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties. According to Columbia Bank, more than 2,000 individuals across these counties will have medical debt erased and gain access to free financial counseling resources.

How is Columbia Bank celebrating America’s 250th anniversary with support for veterans in 2026?

Columbia Bank is marking America’s 250th anniversary with veteran-focused initiatives from June 1 to July 31, 2026. According to Columbia Bank, efforts include $5 million in medical debt relief, $100,000 in nonprofit grants and a NASCAR VIP experience for active-duty and veteran-owned businesses.

What nonprofit grant funding is Columbia Bank providing for veteran support organizations in 2026?

Columbia Bank is providing $100,000 in grants to nonprofits that support active-duty service members and veterans. According to Columbia Bank, customers and associates will help select four organizations, each receiving a $25,000 grant through the anniversary initiative period.

How does ForgiveCo work with Columbia Bank to erase veteran medical debt?

ForgiveCo buys large portfolios of delinquent medical debt at a fraction of face value and then forgives it. According to ForgiveCo, the organization partners with funders like Columbia Bank to finance relief, erasing millions of dollars of medical debt nationwide since 2021.

Where can veterans learn more about Columbia Bank’s 2026 medical debt relief and veteran programs?

Veterans and families can learn more by visiting ColumbiaBank.com/Veterans for program information and resources. According to Columbia Bank, this site provides details on the medical debt relief, nonprofit grants and related veteran support initiatives tied to the 250th anniversary celebration.