Umpqua Bank is merging with another financial institution, a move that will bring together two companies with a long history of serving customers in the Pacific Northwest.
The merger is expected to create one of the largest community banks in the country, with a combined presence of over 200 branches and 1,500 employees.
This significant expansion will allow Umpqua Bank to offer a wider range of financial services to its customers, including expanded lending options and investment products.
The merged bank will also have a stronger presence in the region, with a more extensive network of branches and ATMs.
Bank Merger Details
The deal is valued at $54 million and is expected to close in the fourth quarter.
Umpqua Holdings Corp. will issue approximately 6,753,000 new shares to VRB shareholders, bringing Umpqua's total shares outstanding to approximately 14,378,000.
VRB shareholders will receive 0.8135 Umpqua Holdings shares for each VRB share.
Valley of the Rogue Bank, one of the region's best-performing banks, will be combined into Umpqua Bank.
The new Umpqua would bring Umpqua Bank's assets to nearly $750 million and add 27 branches stretching from Portland to Ashland.
Raymond P. Davis, president and CEO of Umpqua Holdings, believes the merger will create the financing powerhouse in the Northwest.
William A. Haden, president and CEO of VRB and Valley of the Rogue Bank, will assume the position of president and CEO of Umpqua Bank.
The holding company's board of directors will include six directors from Umpqua Holdings and five from VRB.
The merger is expected to give Umpqua a run for the larger bank companies in the state, such as West Coast Bancorp and Centennial Bank.
Frequently Asked Questions
Is Umpqua Bank owned by Columbia Bank?
No, Umpqua Bank is not owned by Columbia Bank, but rather Columbia Bank is the parent company of Umpqua Bank.
Who is the owner of Umpqua Bank?
Umpqua Bank is owned by Columbia Banking System Inc. (Nasdaq: COLB), a leading financial institution in the western United States.
Is Umpqua Bank financially secure?
Umpqua Bank is financially secure, with deposits insured up to $250,000 by the FDIC. Your funds are protected, even if you have accounts at multiple institutions
Are Columbia Bank and Umpqua Bank the same?
No, Columbia Bank and Umpqua Bank are not the same, but Columbia Bank is the parent company of Umpqua Bank.
Does Columbia Bank still exist?
No, the original Columbia Bank ceased to exist as a separate entity on March 1, 2023, after merging with Umpqua Bank. However, the Columbia Bank name may still be associated with Umpqua Bank's services and operations.
Sources
- https://www.prnewswire.com/news-releases/columbia-banking-system-and-umpqua-holdings-corporation-complete-merger-301758616.html
- https://www.americanbanker.com/news/umpqua-vrb-to-merge-into-oregons-3d-largest-bank
- https://www.tillamookcountypioneer.net/columbia-banking-system-and-umpqua-holdings-corporation-complete-merger/
- https://www.tillamookheadlightherald.com/news/columbia-bank-umpqua-bank-to-merge/article_888a816c-305e-11ec-855b-b78deed9cb72.html
- https://www.bendbulletin.com/business/umpqua-bank-to-combine-with-columbia-bank/article_b0b913fb-0088-5157-8e43-e611cb75a90e.html
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