• Umpqua Holdings Corporation
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  • Umpqua Bank Issues Statement in Response to Recent News from Regional and National Mortgage Lenders
    Bank Mortgage Business is Strong and Continues to Grow 
    Company Release - 09/08/2008 08:00


    Umpqua Bank, a subsidiary of Umpqua Holdings Corp. (NASDAQ:UMPQ) and one of the United States' largest regional community banks, issued the following statement regarding news from regional and national mortgage lenders.

    "The financial services industry is struggling as a result of the housing market downturn and we're now seeing the impact of that as companies eliminate their residential mortgage lending divisions. Umpqua Bank isn't making any changes to this area and, continues to see significant activity in its mortgage division," said Ron Stroble, executive vice president and mortgage division manager for Umpqua Bank. "Umpqua's management team has carefully stayed within its traditional lending guidelines rather than moving to the industry's less responsible requirements and, as a result, has been able to sustain its strong credentials throughout industry turmoil. We will continue to invest in the communities we serve as we have for more than 55 years."

    As a community bank, Umpqua recognizes the importance of continuing to finance residential real-estate loans. In the first six months of 2008, Umpqua reported slightly higher year-over-year financing of new residential real-estate loans than recorded in the first half of 2007. Umpqua Bank will continue to finance mortgages for home purchases.

    Umpqua Bank's residential mortgage division is protected from the current lending industry down turn by several internal safeguards that protect Umpqua customers, shareholders and employees, including:

        --  Responsible Lending Practices: Umpqua Bank abides by all
            industry regulations in addition to upholding its own lending
            guidelines which remain far more responsible than industry
        --  Internal Loan Officers: All Umpqua Bank financed mortgages
            originate through loan officers, and are approved by credit
            underwriters employed by the bank. This allows Umpqua full
            authority to enforce its lending policies.
        --  Experienced Leadership: Led by a team of experienced
            residential lending experts, Umpqua Bank has strategically
            limited its exposure to non-traditional mortgages.

    Umpqua Bank encourages consumers with mortgage questions or concerns to contact a local Umpqua Bank loan officer, or visit the bank's Web site at www.umpquabank.com.

    About Umpqua Bank

    Umpqua Bank is a subsidiary of Umpqua Holdings Corporation (NASDAQ:UMPQ) and has 148 locations between Napa, Calif. and Bellevue, Wash., along the Oregon and Northern California Coast and in both Central California and Central Oregon. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including the Wall Street Journal, New York Times, BusinessWeek, Fast Company and CNBC. The company, recognized for the second year in a row, ranked 13th on Fortune Magazine's 2008 list of the country's "100 Best Companies To Work For." 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, visit http://www.umpquabank.com/.

    Source: Umpqua Bank

    Contact: Umpqua Bank Lani Hayward, 503-727-4132 LaniHayward@umpquabank.com or LANE PR Eve Callahan, 503-546-7867 Eve@lanepr.com