mergers & acquisitions
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Deal Overview
Buyer: Umpqua Holdings Corporation
Actual Acquirer: Umpqua Bank
Target: Rainier Pacific Savings Bank
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date2/26/2010
Announcement Date2/26/2010
Date Placed in Conservatorship2/26/2010
Estimated Cost to Reg Agency ($000)9,221
Cost to Reg Agency/ Deposits (%)2.07
Cost to Reg Agency/ Assets (%)1.28
Assets Sold/ Assets (%)93.35
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 Tacoma, Wash.-based Rainier Pacific Savings Bank. Rainier Pacific Savings Bank had total core deposits of approximately $327 million as of December 31, 2009. Rainier Pacific Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the fourth in Washington.
Deal Terms
Description of Consideration
Umpqua Holdings Corporation paid the FDIC a premium of 1.04% to assume certain deposits of Rainier Pacific Savings Bank. Umpqua Holdings Corporation, Inc also purchased certain assets of the failed bank at a certain discount.
Assets Sold in Resolution ($000)670,100
Deposits Transferred ($000)427,171
Deposits Liquidated ($000)19,021
Premium Paid ($000)4,085
Deal Financials
Total Assets at Assumption ($000)717,806
Total Deposits at Assumption ($000)446,192
Core Deposits at Assumption ($000)327,000
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerNANA

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