Email pagePDF viewPrint viewEmail AlertFAQInformation RequestTear sheetRSS FeedsSocial media sharing

mergers & acquisitions

M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: Bank of Clark Cnty
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date1/16/2009
Announcement Date1/16/2009
Date Placed in Conservatorship1/16/2009
Estimated Cost to Reg Agency ($000)151,007
Cost to Reg Agency/ Deposits (%)41.20
Cost to Reg Agency/ Assets (%)32.26
Assets Sold/ Assets (%)4.96
Deal Summary
Portland, Ore.-based Umpqua Holdings Corporation unit Roseburg, Ore.-based Umpqua Bank has assumed all the insured deposits and purchased certain assets of Vancouver, Wash.-based Bank of Clark County. Bank of Clark County had total core deposits of approximately $283 million as of September 30, 2008. Bank of Clark County is the 2nd FDIC-insured institution to fail this year.
Deal Terms
Description of Consideration
Umpqua Holdings Corporation did not pay any premium to assume all the insured deposits of Bank of Clark County. Umpqua Holdings Corporation also purchased approximately $23.2 million in assets of the failed bank. According to the release, the FDIC will retain the remaining assets for later disposition. As of September 30, 2008, Bank of Clark County had total core deposits of approximately $283 million.
Assets Sold in Resolution ($000)23,200
Deposits Transferred ($000)183,883
Deposits Liquidated ($000)182,617
Premium Paid ($000)0
Deal Financials
Total Assets at Assumption ($000)468,100
Total Deposits at Assumption ($000)366,500
Core Deposits at Assumption ($000)283,006

Copyright 2018, © S&P Global Market Intelligence  Terms of Use