PORTLAND, Ore., June 5 /PRNewswire-FirstCall/ -- Umpqua Holdings
Corporation (Nasdaq: UMPQ), parent company of Umpqua Bank and Strand,
Atkinson, Williams & York, Inc., announced today the completion of its
acquisition of California-based Western Sierra Bancorp (Nasdaq: WSBA) by
merger on June 2, 2006. Western Sierra shareholders will receive 1.61 shares
of Umpqua common stock for each share of Western Sierra common stock, giving
the transaction a total value of approximately $352 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030917/SFW078LOGO )
As of today, all Western Sierra Bancorp branches, including those of
Western Sierra National Bank, Central California Bank, Lake Community Bank and
Auburn Community Bank, will operate under the Umpqua Bank name. The merger
adds the former Western Sierra Bancorp's 31 Northern California branches to
Umpqua Bank's network of 96 Northern California, Oregon and Washington
locations, for a total of 127 stores and 150 ATMs. Western Sierra associates
have already been enrolled in Umpqua Bank's internal employee programs and
starting today will offer Umpqua products and services in their branches.
Umpqua Bank offers a complete portfolio of commercial, small business and
retail banking services throughout Northern California, Oregon and Washington.
"As separate organizations, Umpqua Bank and Western Sierra already shared
a strong commitment to community banking and a focus on customer service,"
said Davis. "Since announcing the acquisition, we have worked closely to
integrate the best of both companies. The expanded Umpqua Bank provides
customers, employees and shareholders with a larger bank network, increased
opportunities, and the same unwavering commitment to the communities we
Ray Davis will continue to lead the combined organizations as president
and CEO of Umpqua Holdings Corporation. Bill Fike, president of Umpqua Bank
California, will continue to oversee Umpqua's California operations.
Approximately 12.7 million shares of Umpqua Holdings Corporation common
stock will be issued in connection with the merger. The combined organization
has assets of approximately $7.1 billion, deposits of approximately $5.2
billion and shareholder's equity of approximately $1.1 billion.
Pursuant to the reorganization agreement, Umpqua Holdings' board of
directors has appointed former Western Sierra director Matthew Bruno to
Umpqua's board. Mr. Bruno was a founding director of Central California Bank
and is currently the president of Turlock Dairy and Refrigeration, Inc., a
large distributor of dairy equipment.
About Umpqua Holdings Corporation
Umpqua Holdings Corporation (Nasdaq: UMPQ) 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 127 locations stretching from the greater Sacramento area and
San Joaquin Valley to Seattle, Wash., as well as along the Oregon and Northern
California Coast and in Central Oregon. Umpqua Holdings also owns retail
brokerage subsidiary Strand, Atkinson, Williams & York, Inc., which has
locations in Umpqua Bank stores and in dedicated offices throughout Oregon and
Southwest Washington. Umpqua Bank's Private Client Services Division provides
tailored financial services and products to individual customers. Umpqua
Holdings Corporation is headquartered in Portland, Ore. For more information,
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 Umpqua's and Western Sierra'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.
SOURCE Umpqua Holdings Corporation