mergers & acquisitions
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Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: Humboldt Bancorp
Deal Type: Bank & Thrift Company
Agreement Date3/13/2004
Announcement Date3/13/2004
Announced Deal Value ($M)343.78
StatusCompleted
Completion Date7/9/2004
Announced Deal Value Per Share ($)21.42
Consideration Breakout
Common Stock ($M)343.4
Common Stock Issued15,500,000
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)269.4209.8
Price / Tangible Book (%)288.7363.0
Price / Earnings (x)9.428.5
Price / Deposits (%)41.7930.03
Price / Assets (%)32.9123.59
Tangible Book Premium/ Deposits (%)38.2325.79
Deal Terms
Description of Consideration
Umpqua issued 1.00 share for each share of Humboldt.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)238,205
Estimated Cost Savings (%)23.00
Estimated Cost Savings ($000)9,815
Est. Restructuring Charges ($000)7,100
Maximum Termination Fee ($000)10,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)1.000000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)18.0000
% of Shares Outstanding19.80
Shares Under Option3,022,666
Core Deposit Intangibles ($000)11,646
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1Accretive3.00NANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesWells Fargo Securities LLC
SellerYesKeefe Bruyette & Woods Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesFoster Pepper PLLC
SellerYesSullivan & Cromwell LLP

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