mergers & acquisitions
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Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: EvergreenBank
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date1/22/2010
Announcement Date1/22/2010
Date Placed in Conservatorship1/22/2010
Estimated Cost to Reg Agency ($000)49,423
Cost to Reg Agency/ Deposits (%)14.52
Cost to Reg Agency/ Assets (%)12.22
Assets Sold/ Assets (%)99.44
Deal Summary
Portland, Ore.-based Umpqua Holdings Corporation unit Roseburg, Ore.-based Umpqua Bank has agreed to assume certain deposits and to purchase certain assets of Seattle-based Evergreen Bank. Evergreen Bank had total core deposits of approximately $323 million as of September 30, 2009. Evergreen Bank is the eighth FDIC-insured institution to fail in the nation this year, and the second in Washington.
Deal Terms
Description of Consideration
Umpqua Holdings Corporation paid the FDIC a premium of 1% to assume certain deposits of Evergreen Bank. Umpqua Holdings Corporation also purchased certain assets of the failed bank at a certain discount.
Assets Sold in Resolution ($000)402,134
Deposits Transferred ($000)284,752
Deposits Liquidated ($000)55,626
Premium Paid ($000)1,765
Deal Financials
Total Assets at Assumption ($000)404,400
Total Deposits at Assumption ($000)340,378
Core Deposits at Assumption ($000)322,739
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerNANA

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