PORTLAND, Ore.--(BUSINESS WIRE)--
Umpqua Holdings Corporation (NASDAQ: UMPQ), parent company of Umpqua
Bank and Strand, Atkinson, Williams & York Inc., announced that Umpqua
Bank will provide banking services to former Bank of Clark County
deposit customers. On Jan. 16, 2009, Bank of Clark County, in Vancouver,
WA was closed by the Washington Department of Financial Institutions and
the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To
protect the depositors, the FDIC entered into a purchase and assumption
agreement with Umpqua Bank to assume the insured non-brokered deposits
of the Bank of Clark County.
Umpqua Bank has worked closely with the former Bank of Clark County
employees to ensure customers will be able to conduct business as usual,
receiving full access to their insured deposits, ATM/Debit cards,
internet banking, bill pay service and other electronic banking services.
"As you can imagine, we are disappointed to see a community bank in our
region fail," said Ray Davis, chief executive officer of Umpqua Holdings
Corporation. "Umpqua is a financially sound community bank with an
established presence in Portland and Vancouver, and I'm pleased we are
positioned to assist by taking over the insured deposits and the
day-to-day operations of Bank of Clark County. We are committed to
making this transition a smooth one for Bank of Clark County customers
and employees, and we welcome them to Umpqua Bank."
To help customers with the transition, both Umpqua Bank and FDIC
representatives will be on-site at the two former Bank of Clark County
locations the week of Jan. 20 to address customer needs.
Under an agreement with the FDIC, Umpqua is assuming approximately $186
million dollars in deposits, at no premium. The deal will increase
Umpqua's assets to approximately $8.8 billion, and deposits to
approximately $6.8 billion. The FDIC will pay all operating costs of the
former Bank of Clark County for 90 days and Umpqua has agreed to pay a
servicing fee on assumed deposit accounts for that same period.
Both former Bank of Clark County branches will begin operating under the
Umpqua Bank name today. The Bank of Clark County branches, located at
1400 Washington Street, Suite 200 in downtown Vancouver and 16409 SE 1st
St., will be added to Umpqua Bank's network of 148 Northern California,
Oregon and Washington locations.
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 150 locations between Napa, Calif.,
and Bellevue, Wash., along the Oregon and Northern California Coast and
in Central Oregon. Umpqua Holdings also owns a 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 Banks 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 www.umpquaholdingscorp.com.
Source: Umpqua Holdings Corporation