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mergers & acquisitions

M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Umpqua Holdings Corp.
Actual Acquirer: Umpqua Bank
Target: Centennial Bancorp
Deal Type: Bank & Thrift Company
Agreement Date7/23/2002
Announcement Date7/23/2002
Announced Deal Value ($M)221.10
Completion Date11/18/2002
Announced Deal Value Per Share ($)8.70
Consideration Breakout
Cash ($M)92.0
Common Stock ($M)142.1
Common Stock Issued7,800,000
Deal Pricing Ratios
Price / Book (%)217.5223.8
Price / Tangible Book (%)234.5242.0
Price / Earnings (x)18.120.9
Price / Deposits (%)31.3831.40
Price / Assets (%)26.7226.99
Tangible Book Premium/ Deposits (%)21.9722.40
Deal Terms
Description of Consideration
Centennial Bancorp shareholders received $9.35 in cash or 0.5343 share of Umpqua common stock for each share held. 60% of shares were exchanged for stock; at announcement this percentage was estimated at 66%.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)128,000
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)2,000
Maximum Termination Fee ($000)5,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)9.3500
% of Shares Outstanding19.90
Shares Under Option4,911,757
Core Deposit Intangibles ($000)4,900
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesWells Fargo Securities LLC
SellerYesHovde Financial Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesFoster Pepper PLLC
SellerYesTonkon Torp LLP

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