PORTLAND, Ore.--(BUSINESS WIRE)--
Umpqua Holdings Corporation (NASDAQ: UMPQ), parent company of Umpqua
Bank and Umpqua Investments (U.S.), Inc. today announced that it
increased the amount of common stock to be sold in its underwritten
public offering to $225 million, and priced the offering at $9.75 per
share, for a total of approximately 23.1 million shares of common stock.
The proceeds from the offering, after deducting underwriting discounts
and commissions and offering expenses, will qualify as tangible common
equity and Tier 1 capital and will be used for general corporate
purposes, which may include capital to support growth and acquisition
opportunities and to position the Company for eventual redemption of
preferred stock issued to the U.S. Treasury under the TARP Capital
Purchase Program. The offering is expected to close on August 19, 2009.
J.P. Morgan Securities Inc. acted as the sole book-running manager. D.A.
Davidson & Co., Fox-Pitt Kelton Cochran Caronia Waller and Keefe,
Bruyette & Woods, Inc. were co-managers.
The Company also has granted to the underwriters a 30-day option to
purchase up to an additional approximately 3.5 million shares offered to
cover over-allotments, if any. The shares are being issued pursuant to a
prospectus supplement to the prospectus filed as a part of the Company's
effective shelf-registration statement on Form S-3 (File No. 333-155997).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. Offers
may be made only by means of a prospectus and a related prospectus
supplement. Copies of a prospectus with respect to this offering may be
obtained from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS
Level, Brooklyn, NY 11245, Attention: Prospectus Department,
About Umpqua Holdings Corporation
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,
Umpqua Investments (U.S.), Inc., which has locations in Umpqua Bank
stores and in dedicated offices in Oregon. Umpqua Bank'sPrivate Bank
Division provides tailored financial services and products to individual
customers. Umpqua Holdings Corporation is headquartered in Portland, Ore.
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
various risk factors, including those set forth from time to time in our
filings with the SEC. You should not place undue reliance on
forward-looking statements and we undertake no obligation to update any
such statements. In this press release we make forward-looking
statements about our intended use of the capital we are raising and the
anticipated closing date of the offering. Specific risks that
could cause results to differ from the forward-looking statements are
set forth in our filings with the SEC and include, without limitation,
deterioration in the economy or our loan portfolio, lack of acquisition
opportunities and inability to repay TARP Series A Preferred Stock, each
of which could alter our intended use of the capital.
Source: Umpqua Holdings Corporation