Who bought out Umpqua Bank?
Last month, Tacoma-based Columbia Banking System Inc. announced it would purchase Portland-based Umpqua Holdings Corporation. The deal has some unusual elements, but could help both organizations survive in an increasingly competitive West Coast banking environment.
NEW! The parent company of Portland-based Umpqua Bank is being acquired by Columbia Banking System in a $5.1 billion, all-stock deal that will retain the Umpqua brand and split the business' headquarters between Tacoma and Portland's suburbs.
Combined company will be the third largest regional bank on the West Coast, retaining the Umpqua name. COURTESY PHOTO: UMPQUA BANK - Umpqua bank went all-in on building branches that make customers feel welcome. Now it is merging with the more commerically minded Columbia Bank.
The name of our parent company will remain Columbia Banking System, Inc. and our stock will continue to be traded under the COLB symbol. The name of the combined bank will become Umpqua Bank and we will operate our wealth management offering under the banner of Columbia Wealth Management.
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Umpqua Holdings Corporation.
| Type | Public |
|---|---|
| Number of employees | 3,774 (December 31, 2020) |
| Website | UmpquaBank.com |
The plan for the combined bank, which will operate as Umpqua Bank, covers the period from January 1, 2023, through December 31, 2027, and is subject to the close of the merger.
About Columbia
(NASDAQ: COLB) is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon, California and Idaho.
On June 23, 2021, Columbia Banking System, Inc., the holding company for Columbia State Bank and Bank of Commerce Holdings, the holding company for Merchants Bank of Commerce announced the signing of a definitive agreement to merge Bank of Commerce Holdings into Columbia Banking System, Inc..
We are the largest bank headquartered in the Pacific Northwest, with nearly $30 billion in assets and more than 200 locations in Idaho, Washington, Oregon, California, and Nevada. In addition to retail banking, Umpqua also offers comprehensive business banking and commercial finance services.
Call a Customer Service Representative at 1-800-522-4167 (outside the continental U.S. call (201)794-5656) during normal business hours.
Is Columbia Bank FDIC insured?
Your deposits continue to be insured by the FDIC. Each depositor is insured up to $250,000; the maximum permitted by law. If you have accounts with both Columbia Bank and Merchants Bank of Commerce, your funds at each institution will be insured separately for at least six months following the close of the merger.
Sterling Financial Corporation was a bank holding company headquartered in Spokane, Washington. In 2014, the company was acquired by Umpqua Holdings Corporation. The bank operated 173 branches in Washington, Oregon, California, Idaho.
The parent company of Umpqua Bank is acquiring Sterling Financial Corp. in a $2 billion merger announced Wednesday that boosts Portland-based Umpqua's network in Washington state. Spokane-based Sterling is the parent of Sterling Bank, the second-largest bank based in Washington with $9.2 billion in assets as of Dec.
Shareholders OK Merger of Columbia Banking, Umpqua Holdings
The results on the proposals voted on at the special meetings of shareholders will be set forth in the companies' Form 8-Ks.
The company was founded in March, 1931 by Ormond Feldkamp and Herb Sullivan. Today, ownership has successfully transferred to the third generation Feldkamps, Doug and Steve. They keep Umpqua Dairy running smoothly as the largest family-owned dairy in Southern Oregon.
