• Umpqua Holdings Corporation
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  • Umpqua Holdings’ Ron Farnsworth Named CFO of Year
    Company Release - 05/06/2010 16:45

    Farnsworth Recognized by the Portland Business Journal for Leadership of One of the Nation’s Healthiest Community Banks

    PORTLAND, Ore.--(BUSINESS WIRE)-- Ron Farnsworth, chief financial officer for Umpqua Holdings Corporation (NASDAQ:UMPQ) and its subsidiaries,Umpqua Bank and Umpqua Investments, was named CFO of the Year today at The Portland Business Journal’sannual awards luncheon. Farnsworth received the honor in the public company category.

    Farnsworth oversees all financial and fiscal management operations for Umpqua Holdings Corporation and Umpqua Bank, Oregon’s largest financial institution and one of the country’s most financially sound community banks. Farnsworth accepted the position of CFO for Umpqua Bank in 2008 in the middle of the most challenging financial environment the nation has faced since the Great Depression. Since Farnsworth took leadership, he has been pivotal in leading the bank’s financial growth from $8.3 billion in assets and 147 stores, to approximately $10.5 billion in assets and 174 stores between Seattle and San Francisco.

    He played a pivotal role in three transactions between the Federal Deposit Insurance Corporation (FDIC) and Umpqua Bank to acquire the assets and deposits of Washington State-based Bank of Clark County, EvergreenBank and Rainier Pacific Bank. Additionally, he was at the forefront of two successful capital offerings for Umpqua Bank that raised $562 million (44 percent more than originally projected). In February, Farnsworth led Umpqua to be the first Oregon bank to repay the U.S. Department of the Treasury for funds received through the Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP).

    “Ron Farnsworth’s natural leadership, foresight, and understanding of the financial, regulatory and business environments in which banks operate, paired with his willingness to educate and guide those around him, are remarkable and worthy of recognition,” said Ray Davis, president and CEO of Umpqua Bank. “The past year was tremendously challenging in the financial services industry, yet under Farnsworth’s leadership Umpqua was recognized as one of the most financially sound banks in the nation. I could not be more pleased to see him receiving such deserved recognition as CFO of the Year.”

    Farnsworth began his career in 1993 working for KPMG, a public accounting firm located in Portland, Ore. He joined Umpqua Bank in December 2001, upon the bank’s acquisition of Independent Financial Network, where he was serving as CFO.

    CFO of the Year Awards is an annual Portland Business Journal event created to recognize the state’s top business leaders. This award follows Farnsworth’s 2009 recognition by The Portland Business Journal on its list of Oregon’s Forty Under 40 top business leaders.

    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 174 locations between San Francisco, 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.

    Source: Umpqua Holdings Corporation


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