Umpqua Holdings Corporation

Last updated
Umpqua Holdings Corporation
Company type Subsidiary
Nasdaq: UMPQ
Industry Commercial Banks
Founded1953;71 years ago (1953) in Canyonville, Oregon, U.S.
Headquarters Portland, Oregon, U.S.
45°30′47″N122°40′31″W / 45.51306°N 122.67528°W / 45.51306; -122.67528
Number of locations
350
Key people
 Peggy Fowler (Chair)
Cort O'Haver (CEO)
Products Checking Accounts
Savings Accounts
Retirement Accounts
Home Loans
Personal Investing
Private Bank
Business Loans
Treasury Management
Merchant Services
RevenueIncrease2.svg US$871.6 million (2015)
Increase2.svg US$253.3 million (2015)
Increase2.svg US$222.5 million (2015)
Number of employees
4,491 (December 31, 2015)
Parent Columbia Banking System
Website UmpquaBank.com

Umpqua Holdings Corporation, d.b.a. Umpqua Bank, is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of Benj. Franklin Savings and Loan. The firm has two principal operating subsidiaries: Umpqua Bank (the Bank) and Umpqua Investments (formerly Strand, Atkinson, Williams and York (Investments)).

Contents

The company’s main operating segments are personal banking and lending, business banking and lending, and wealth management. The bank serves consumers and businesses in the community. [1] As of 2015, Umpqua Bank had $24 billion in assets and $18 billion in deposits and was ranked among the largest 60 banks in the nation. [2] Its parent company, Umpqua Holdings, is publicly traded. [1] As of 2016, Umpqua Bank was the largest Oregon-based bank and had 350 branches in Oregon, Washington, California, Nevada and Idaho. [3] [4]

In October 2021, Umpqua announced it was merging with Tacoma-based Columbia Bank. Columbia Bank branches would transition to the Umpqua name and branding. The combined company would be based in Tacoma, with the bank operational headquarters based in the Portland area.

History

South Umpqua State Bank was formed in 1953, in Canyonville, Oregon, with six employees. It was started by a group of people working in the timber business who wanted to create a means for the employees to cash their payroll checks. The bank opened with capital of $50,000 and surplus and reserves of $25,000. [5] The bank’s first savings account was opened by Pete Duchene, a local business agent. D.B. “Tex” Ritter and his wife Nadine opened the first commercial account for their South Umpqua Trucking Company. [6]

An Umpqua Bank branch in Hillsboro, Oregon Umpqua Bank Tanasbourne branch - Hillsboro, Ore. (2018).jpg
An Umpqua Bank branch in Hillsboro, Oregon

In 2002, Umpqua increased its number of branches to 63 by acquiring Centennial Bancorp of Eugene, Oregon, for $214 million. [7] On January 16, 2009, Umpqua agreed to assume the deposits of Vancouver, Washington-based Bank of Clark County after the latter bank was seized by the Office of the Comptroller of the Currency. [8] Umpqua agreed to assume the deposits of Seattle, Washington-based Evergreen Bank in January 2010 after the latter was closed by the Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. [9] A month later the company agreed to take over the deposits of Tacoma, Washington-based Rainier Pacific Bank after it was seized by the FDIC. [10] The next month, Umpqua acquired the banking operations of Rainier Pacific Bank in a purchase agreement with the Federal Deposit Insurance Corporation. [11]

States with Umpqua Bank locations Umpqua Bank Locations 2024.png
States with Umpqua Bank locations

Umpqua continued with acquisitions in 2012 when they attempted to buy California-based American Perspective Bank for $44.7 million, which would have added two branches to Umpqua's then 196 branches. [12] The deal fell through, however, when Umpqua was outbid; American Perspective paid Umpqua a $1.6 million fee to terminate the deal. [13] Umpqua had been expanding into the San Francisco Bay Area [4] and closed a $24.9 million deal to buy Bay Area-based Circle Bancorp in November 2012. [14]

In September 2013, Umpqua announced it would buy Sterling Financial Corporation, parent of Sterling Bank, the second largest bank in Washington. [15] The $2 billion deal closed in April 2014 and increased the number of bank branches to 394 and increased assets to $22 billion. [15]

Former CEO and President of Umpqua Holdings Corporation Raymond Davis took over the local 40-person South Umpqua Bank in 1994. Davis became CEO and President of Umpqua Holdings in 1999. [16] In 2007, Davis authored a book titled Leading for Growth: How Umpqua Bank Got Cool and Created a Culture of Greatness. [17] Cort O’Haver became President in April 2016, with Davis retaining the role of CEO. Davis stepped down as CEO in January 2017. [18] O’Haver took over as CEO at that point while Davis became executive chair of the bank's board and continued to oversee Pivotus Ventures Inc. until his formal retirement, which was announced In late December 2017 and effective January 2, 2018. [19]

In January 2023, the Federal Deposit Insurance Corporation («FDIC») approved the merger of Columbia Banking System and Umpqua Holdings Corporation. The FDIC approval was the authorization required to continue the $5 billion merger. Upon completion of this process, the combined company will have assets worth over $50 billion and offices in eight western states serving customers in 50 states. [20]

See also

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

Washington Federal, Inc.,, is an American bank based in Seattle, Washington. It operates 235 branches throughout Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, and Texas.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank holding company, headquartered in Providence, Rhode Island. The company owns the bank Citizens Bank, N.A., which operates in the U.S. states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.

PlainsCapital Bank, a subsidiary of Hilltop Holdings Inc., is one of the largest independent banks in Texas with approximately $11.8 billion in assets. PlainsCapital operates more than 60 branches in Austin, Corpus Christi, Dallas, Fort Worth, Houston, Lubbock, San Antonio and the Rio Grande Valley. The bank, which is led by CEO Jerry Schaffner, employs about 1,200 people.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Northern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">Regions Financial Corporation</span> Financial services company based in Birmingham, Alabama

Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 16 states in the Southern and Midwestern United States.

<span class="mw-page-title-main">First Citizens BancShares</span> American financial services company

First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states and is one of the largest banks in the United States.

<span class="mw-page-title-main">First Bancorp</span> American bank based in North Carolina

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. It operates as First Bank in North and South Carolina. In North Carolina, the company has 94 branches, assets totaling $4.3 billion and deposits of $3.4 billion as of early 2017. First Bancorp has 118 branches and about $12 billion in assets as of January 2023.

<span class="mw-page-title-main">Peggy Fowler</span>

Peggy Y. Fowler is an American businessperson in the state of Oregon. She was the chief executive officer (CEO) of Portland General Electric (PGE), and as of 2007 was the 11th highest-paid CEO in Oregon. A native of Idaho, she worked for PGE, a private electric utility, from 1974 to 2009.

West Coast Bancorp was a publicly traded financial services holding company headquartered in Lake Oswego, Oregon. Its principal holding was West Coast Bank, a full-service, commercial bank with 63 branches in 40 cities in western and central Oregon and western Washington. As of December 31, 2006, the company had deposits totaling $2 billion and net loans of $1.9 billion. In September 2012, Columbia Banking System of Tacoma bought West Coast.

<span class="mw-page-title-main">Rainier Bancorp</span>

Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expanding further in Oregon in 1986 with the government-assisted purchase of Portland's failed Lincoln Savings & Loan Association.

<span class="mw-page-title-main">Wachovia</span> Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

The Bank of New England Corporation was a regional banking institution based in Boston, Massachusetts, which was seized by the Federal Deposit Insurance Corporation (FDIC) in 1991 as a result of heavy losses in its loan portfolio and was placed into Chapter 7 liquidation. At the time, it was the 33rd largest bank in the United States, and its federal seizure bailout was the second-largest on record. At its peak, it had been the 18th largest bank and had over 470 branch offices. The liquidation company was named Recoll Management Corporation and its bankruptcy estate has continued to exist to pay out claims against the company. As of 2016, most of what was once Bank of New England is now part of Bank of America.

<span class="mw-page-title-main">Beneficial State Bank</span> American community development bank

Beneficial State Bank is an Oakland, California-based community development bank. The bank was founded in 2007 by billionaire philanthropist and former presidential candidate Tom Steyer and his wife Kat Taylor, to provide loans and banking services to individuals in low wealth communities, including entrepreneurs and existing businesses.

<span class="mw-page-title-main">CertusBank</span> American bank

CertusBank was an American nationally chartered bank, with a presence in twelve U.S. states. The bank was Headquartered in Greenville, South Carolina, with secondary corporate offices in Atlanta, Georgia and Charlotte, North Carolina, at its peak the bank operated more than 30 retail branches in The Carolinas, Florida, and Georgia. The bank elected to go into liquidation in 2015. Creditors sued, and accepted a final settlement in 2017.

BNC Bank was a bank based in High Point, North Carolina, United States. In 2014 its parent company BNC Bancorp had $4.05 billion in assets, 38 branches in North Carolina and 13 in South Carolina. Its latest acquisition gave BNC $6.8 billion in assets and 87 branches, 48 in North Carolina, 29 in South Carolina nine in Virginia, and one in Haiti.

<span class="mw-page-title-main">Silicon Valley Bank</span> American commercial bank

Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group, a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions.

<span class="mw-page-title-main">Sterling Financial Corporation</span> Former American bank

Sterling Financial Corporation was a bank holding company headquartered in Spokane, Washington. In 2014, the company was acquired by Umpqua Holdings Corporation.

<span class="mw-page-title-main">Ameris Bancorp</span> Publicly traded banking company

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee.

References

  1. 1 2 Pender, Kathleen. “Umpqua Bank aims to be part of S.F. community.” SFGate. Aug. 28, 2013
  2. ↑ Securities and Exchange Commission Form 10-k. Commission File number 001-34624
  3. ↑ Kish, Matthew (July 21, 2011). "Umpqua profits climb, beat estimates". Portland Business Journal. Retrieved 23 July 2011.
  4. 1 2 Calvey, Mark (December 23, 2011). "Umpqua Bank ramps up its Bay Area focus". Portland Business Journal. Retrieved 11 April 2012.
  5. ↑ New South Umpqua State Bank Holds Open House. Myrtle Creek Mail
  6. ↑ The Douglas Fir. November 13, 1953.
  7. ↑ "Umpqua Bank completes Centennial deal". Portland Business Journal. November 18, 2002. Retrieved 9 September 2012.
  8. ↑ "Failed bank information (FDIC), Bank of Clark County". Fdic.gov. Retrieved 2012-03-30.
  9. ↑ "Failed bank information (FDIC), Evergreen Bank". Fdic.gov. Retrieved 2012-03-30.
  10. ↑ "Failed bank information (FDIC), Rainier Pacific Bank". Fdic.gov. Retrieved 2012-03-30.
  11. ↑ "Umpqua Bank acquires Rainier Pacific Bank". 4 March 2010. Retrieved 4 March 2010.[ dead link ]
  12. ↑ Stevens, Suzanne (April 10, 2012). "Umpqua pays $44.7M for American Perspective Bank". Portland Business Journal. Retrieved April 10, 2012.
  13. ↑ Stevens, Suzanne (May 1, 2012). "PacWest outbids Umpqua for American Perspective Bank". Portland Business Journal. Retrieved May 1, 2012.
  14. ↑ Kish, Matthew (November 15, 2012). "Umpqua acquisition of Circle Bank closes". Portland Business Journal. Retrieved 15 November 2012.
  15. 1 2 Kish, Matthew (September 11, 2013). "It's official: Umpqua to buy Sterling Bank for $2B". Portland Business Journal. Retrieved 12 September 2013.
  16. ↑ “Company Overview of Umpqua Bank.” Bloomberg Profile
  17. ↑ Davis, Ray and Alan Shrader. Jossey-Bass 1st edition. March 16, 2007
  18. ↑ Duffy, Clare (October 20, 2017). "Exclusive: Umpqua Bank's new CEO never thought he'd be a banker". Portland Business Journal. Retrieved July 24, 2018.
  19. ↑ Duffy, Clare (December 28, 2017). "Former CEO Ray Davis to retire from Umpqua Bank for good next week". Portland Business Journal. Retrieved July 24, 2018.
  20. ↑ "FDIC approves Columbia's $5 billion bid for Umpqua". AmericanBanker. Archived from the original on 2023-01-25. Retrieved 2024-04-21.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.