Expands Its Washington Presence
PORTLAND, Ore.--(BUSINESS WIRE)--
Holdings Corporation (NASDAQ:UMPQ) announced that its subsidiary,
Umpqua Bank, has acquired the banking operations of EvergreenBank in a
purchase and assumption agreement with the Federal Deposit and Insurance
As of September 30, 2009, EvergreenBank had $489 million in assets and
$439 million in deposits, including approximately $255 million of core
deposits. EvergreenBank's $384 million in loans will be subject to a
loss-sharing agreement with the FDIC. Umpqua Bank expects the
acquisition to be immediately accretive to operating earnings per share.
The transaction will increase Umpqua's assets to approximately $9.6
billion and deposits to approximately $7.6 billion, based on Umpqua's
September 30, 2009 balances.
"As one of the nation's strongest regional community banks, we can
assure our new customers that their deposits are safe and readily
accessible," said Ray Davis, chief executive officer of Umpqua Holdings
Corporation. "When we complete the integration, customers of both
EvergreenBank and Umpqua Bank will benefit from the additional
capabilities and services of Umpqua Bank, and the advantages of an
expanded branch and ATM network.
"We're pleased to expand our presence in the Seattle market and extend
our long term vision for growth in this area," continued Davis. "We are
also pleased to contribute to the increased stability of the banking
system with an acquisition that will enable Umpqua Bank to become an
even more convenient community bank."
Today's acquisition announcement follows a decision of the Washington
Department of Financial Institutions to close EvergreenBank and appoint
the FDIC as receiver.
EvergreenBank's seven locations will open today as Umpqua Bank stores,
increasing Umpqua's network to 162 locations throughout Northern
California, Oregon and Washington. Customers of EvergreenBank are now
customers of Umpqua Bank and deposits will continue to be insured by the
FDIC up to applicable limits. Umpqua Bank is working closely with former
EvergreenBank employees to ensure that customers will be able to conduct
business as usual, with full access to deposits, loans, ATM/Debit cards,
Internet banking, automatic bill pay service and other electronic
banking services. Checks drawn on EvergreenBank will continue to be
processed. Loan customers should continue to make their payments as they
Umpqua Bank expects to convert EvergreenBank's consumer banking, home
lending and small business units to the Umpqua Bank brand over the next
several months. Umpqua Bank and EvergreenBank customers will be able to
access the combined network of 176 ATMs without fees within two weeks.
EvergreenBank branches will be added to Umpqua Bank's network of 155
Northern California, Oregon and Washington locations.
To help customers with the transition, Umpqua Bank representatives are
on-site at all former EvergreenBank locations to assist in the
transition, address customer needs, and begin integrating operations.
For additional information, customers can also visit www.umpquabank.com
or call the Umpqua Bank customer care team at 866-486-7782.
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 162 locations between San Francisco,
Calif. and Seattle, Wash., along the Oregon and Northern California
Coast and in Central Oregon. Umpqua Holdings also owns a retail
brokerage subsidiary, Umpqua
Investments Inc., which has locations in Umpqua Bank stores and in
dedicated offices in Oregon. Umpqua's Private Bank Division serves high
net worth individuals and non-profits providing customized financial
solutions and offerings. Umpqua Holdings Corporation is headquartered in
Portland, Ore. For more information, visit www.umpquaholdingscorp.com.
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 the reader. 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 the anticipated favorable effect of this acquisition on
our earnings per share and the benefits of completing the integration of
EvergreenBank into Umpqua Bank. Specific risks that could cause results
to differ from forward-looking statements are set forth in our filings
with the SEC and include, without limitation, our ability to
successfully integrate these operations without undue disruption or loss
of customers and without unplanned operational expenses or credit losses.
Map of Store Locations Available
Source: Umpqua Holdings Corporation