PORTLAND, Ore., March 16 /PRNewswire-FirstCall/ -- The Board of Directors
of Umpqua Holdings Corporation (Nasdaq: UMPQ) today announced a cash dividend
of $0.06 per common share payable on April 15, 2005 to all shareholders of
record as of March 31, 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030917/SFW078LOGO )
Umpqua Holdings Corporation will conduct a quarterly earnings conference
call Thursday, April 21, 2005 at 10:00 a.m. PDT (1 p.m. EDT) where the company
will discuss first quarter results and provide an update on recent activities.
There will be a question-and-answer session following the presentation.
Shareholders, analysts and other interested parties are invited to join the
call by dialing 888-791-5525 a few minutes before 10:00 a.m. The password is
"UMPQUA." A rebroadcast will be available approximately one hour after the
conference call by dialing 866-361-4938 or by visiting
www.umpquaholdingscorp.com. Information to be discussed in the teleconference
will be available on the company's website prior to the call.
The company also announced today that it would obtain an extension of up
to two weeks in the filing deadline for its Form 10-K for the period ending
December 31, 2004, pending completion of the year-end audit including the
assessment of internal controls under Section 404 of Sarbanes-Oxley, and an
independent review of the internal control process under which pre-closing
charges and the opening balance sheet were recorded in connection with the
company's July 2004 acquisition of Humboldt Bancorp.
Unrelated to that review, Umpqua reported that its preparation of year-end
financial statements for the Form 10-K revealed $6.9 million in
reclassifications on the balance sheet, which resulted in a reduction of
assets and liabilities as of December 31, 2004 as compared to the
corresponding numbers reported in its 2004 earnings release on January 27,
2005. The reclassifications, relating to recording our deferred income tax
liability and the application of pending loan payments, had no impact on
previously reported earnings or shareholders' equity. No other changes are
anticipated from the numbers reported earlier.
About Umpqua Holdings Corporation
Umpqua Holdings Corporation is the parent company of Umpqua Bank, an
Oregon based community bank recognized for its entrepreneurial approach,
innovative use of technology, and distinctive banking solutions. Umpqua Bank
has 92 stores throughout Oregon, Northern California 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 Bank's
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
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
results of the additional audit procedures and the review of internal control
SOURCE Umpqua Holdings Corporation
/CONTACT: Ray Davis, +1-503-546-2490, or firstname.lastname@example.org, or Dan
Sullivan, +1-503-546-2492, or email@example.com, both of Umpqua
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/Web site: http://www.umpquaholdingscorp.com /
CO: Umpqua Holdings Corporation
ST: Washington, California
SU: DIV CCA
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