mergers & acquisitions
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Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: Western Sierra Bancorp
Deal Type: Bank & Thrift Company
Agreement Date2/7/2006
Announcement Date2/7/2006
Announced Deal Value ($M)356.28
StatusCompleted
Completion Date6/2/2006
Announced Deal Value Per Share ($)44.02
Consideration Breakout
Common Stock ($M)351.6
Common Stock Issued12,700,000
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)263.1253.3
Price / Tangible Book (%)353.0335.3
Price / Earnings (x)19.719.1
Price / Deposits (%)33.9734.17
Price / Assets (%)27.5627.52
Tangible Book Premium/ Deposits (%)31.2830.97
Deal Terms
Description of Consideration
Umpqua Holdings Corp. exchanged 1.61 shares for each share of Western Sierra common stock.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)247,799
Estimated Cost Savings (%)23.00
Estimated Cost Savings ($000)9,698
Est. Restructuring Charges ($000)21,846
Maximum Termination Fee ($000)14,000
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.610000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)27,624
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNA0.01239,698
2Accretive3.00NANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesHoefer & Arnett Inc.
SellerYesSandler O'Neill & Partners LP

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

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