Umpqua negotiates expansion.Byline: Joe Mosley The Register-Guard Oregon-based Umpqua Bank has bolstered its position in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern with an announcement on Wednesday that its parent company has agreed to buy Western Sierra Bancorp. The acquisition will add 31 bank branches in Sacramento and the San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes to the Umpqua banner. Umpqua Bank already has 95 branches between Sacramento and Bellevue, Wash. - most of them along the Interstate 5 corridor of Western Oregon This article is about the region of Western Oregon. For the University, see Western Oregon University. Western Oregon is a geographical term that is generally taken to apply to the portion of the state of Oregon that is west of the Cascade Range. . "Umpqua's long-term strategy has been focused on building our bank network from Sacramento to Seattle," Umpqua Holdings Corp. president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ray Davis Ray Davis may refer to:
Umpqua Holdings will acquire Western Sierra Bancorp and its subsidiaries - Western Sierra Bank, Central California Central California can refer to one of several divisions or regions of the U.S state of California:
The two companies' boards of directors have approved the deal, which now must be authorized by banking regulators and shareholders of each company. The purchase is expected to be completed during the second quarter of 2006. When completed, the transaction will boost Umpqua Bank's total assets to $6.9 billion, and its loan portfolio to $5 billion. "We're excited to team up with Umpqua Bank," Western Sierra president and CEO Gary Gall said during Wednesday's teleconference. "We will achieve many of the goals we have set at Western Sierra - expanding geographic reach, our market share, our service offerings and very importantly, the liquidity of our stocks. "Shareholders ... will receive ownership in a company with a high market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. , a solid record of earnings growth and profitability growth, and a consistent record of providing quarterly dividends - something many of you have been asking about." Umpqua Bank was founded as South Umpqua State Bank in 1953, with its first branch in Canyonville. It later had its headquarters in Roseburg, and now has its corporate offices in Portland. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion