PORTLAND, Ore., June 24 /PRNewswire-FirstCall/ -- Ray Davis, president and CEO of Umpqua Holdings Corp. (Nasdaq: UMPQ), was named a winner by professional services firm Ernst & Young LLP for the Ernst & Young Entrepreneur Of The Year 2004 Awards in the Pacific Northwest in the retail category. Davis was selected from 24 finalists in the Pacific Northwest by an independent panel of judges comprised of local community and business leaders and announced at an award banquet June 23 at the Seattle Sheraton Hotel and Towers. The 24 finalists represented eight categories; in the retail category the two other finalists were from Cranium, Inc. and Argosy LP.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030917/SFW078LOGO )

Davis was selected for his entrepreneurial leadership that has guided Umpqua Bank through an aggressive expansion effort and introduction of a never-before-seen retail-banking strategy that began in 1994. Since then, Davis has grown Umpqua Bank into the largest Oregon-based community bank, expanding from six stores in 1994 to 64 stores today. Pending receipt of final approvals and closing, which are expected in July, the acquisition of Northern California's Humboldt Bank will give Umpqua Bank 91 locations and 1,500 employees. Under Davis' leadership, the assets of Umpqua Bank have grown from $160 million to an estimated $4.5 billion upon completion of the Humboldt acquisition.

Davis is now eligible for consideration for the Entrepreneur Of The Year 2004 national program. Winners in several national categories, as well as the Overall National Ernst & Young Entrepreneur Of The Year, will be announced at the annual awards gala in Palm Springs, Calif. on November 20. The overall national Ernst & Young Entrepreneur Of The Year award winner is then considered for the world event held in Monte Carlo.

About The Ernst & Young Entrepreneur Of The Year(R) Awards Program

The Entrepreneur Of The Year awards program was created and is produced by professional services firm Ernst & Young LLP. As the first award of its kind, Ernst & Young Entrepreneur Of The Year recognizes outstanding entrepreneurs who are building and leading dynamic and growing businesses. The program honors entrepreneurs through regional, national and global award programs in over 100 cities and 35 countries.

About Umpqua Holdings Corp.

Umpqua Holdings Corporation is the parent company of Umpqua Bank, an Oregon state-chartered bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. Umpqua Bank has 64 stores throughout Oregon and Southwest Washington. The bank was named #1 on "The 100 Best Companies to Work For in Oregon" large companies list for 2004 by Oregon Business Magazine. Umpqua Holdings also owns a retail brokerage subsidiary, Strand, Atkinson, Williams & York, Inc. which has 14 locations throughout Oregon and Southwest Washington and offers brokerage services within Umpqua Bank stores. Additionally, Umpqua Holdings' Private Client Services Division provides tailored financial services and products to individual customers. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit www.umpquaholdingscorp.com.

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including those set forth from time to time in the company's filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Specific risks in this press release include the company's successful completion of the Humboldt merger.

SOURCE  Umpqua Holdings Corp.
    -0-                             06/24/2004
    /CONTACT:  Lani Hayward of Umpqua Bank, +1-503-228-2117, or
lanihayward@umpquabank.com; or Charley Ciresi of LANE, +1-503-546-7878, or
charley@lanemarketing.com, for Umpqua Holdings Corp./
    /Photo:  http://www.newscom.com/cgi-bin/prnh/20030917/SFW078LOGO
             AP Archive:  http://photoarchive.ap.org
             PRN Photo Desk, 888-776-6555 or 212-782-2840/
    /Web site:  http://www.umpquaholdingscorp.com /
    (UMPQ)

CO:  Umpqua Holdings Corp.; Ernst & Young LLP
ST:  Oregon
IN:  FIN
SU:  AWD

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