mergers & acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Umpqua Holdings Corp.
Actual Acquirer: Umpqua Holdings Corp.
Target: Independent Financial Network, Inc.
Deal Type: Bank & Thrift Company
Agreement Date6/22/2001
Announcement Date6/22/2001
Announced Deal Value ($M)57.77
Completion Date12/31/2001
Announced Deal Value Per Share ($)9.97
Consideration Breakout
Common Stock ($M)63.4
Common Stock Issued4,630,000
Deal Pricing Ratios
Price / Book (%)159.7165.6
Price / Tangible Book (%)167.2174.1
Price / Earnings (x)22.224.8
Price / Deposits (%)17.8717.76
Price / Assets (%)14.8314.81
Tangible Book Premium/ Deposits (%)8.869.34
Deal Terms
Description of Consideration
Independent Financial Network shareholders received 0.8 shares of Umpqua common stock for each share held. Umpqua also issued 223,821 shares to buy out minority shareholders in two Independent Financial banking units.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)0
Estimated Cost Savings (%)20.00
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)5,000
Maximum Termination Fee ($000)2,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)0.800000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)9.0000
% of Shares Outstanding19.90
Shares Under Option1,346,109
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesD.A. Davidson & Co.
SellerYesRagen MacKenzie Group Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesFoster Pepper PLLC
SellerYesDavis Wright Tremaine LLP

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