• Umpqua Holdings Corporation
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  • Umpqua Bank Acquires Banking Operations of EvergreenBank
    Company Release - 01/25/2010 10:22

    Expands Its Washington Presence

    PORTLAND, Ore.--(BUSINESS WIRE)-- Umpqua 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 Corporation (FDIC).

    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 normally would.

    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

    Contact: Umpqua Holdings Corporation Lani Hayward, 503-727-4132 lanihayward@umpquabank.com or LANE PR Eve Callahan, 503-546-7867 eve@lanepr.com