Umpqua Holdings Corporation
|Type||Public (NASDAQ: UMPQ)|
|Founded||Roseburg, Oregon, United States (1953)|
|Headquarters||Portland, Oregon, United States
|Number of locations||196|
|Key people||Ray Davis, CEO
Peggy Fowler, Chair
|Revenue||US$405.9 million (2006)|
|Operating income||US$262.1 million (2006)|
|Net income||US$84.4 million (2006)|
Umpqua Holdings Corporation is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of the 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).
The company's three main operating segments are community banking, mortgage banking, and retail brokerage. The bank provides a range of banking, mortgage banking and other financial services to corporate, institutional and individual customers. Total loans outstanding, at December 31, 2006, were US$5.3 billion, and total deposits were US$5.8 billion. As of 2011, Umpqua Bank was the largest Oregon-based bank, and had branches in Oregon, Washington, California, and Nevada.
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-logging business who wanted to create a means for their loggers to cash their payroll checks. The bank acquired Centennial Bancorp of Eugene, Oregon, in 2002 for $214 million. With that deal, Umpqua increased the number of branches to 63.
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. 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. 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. The next month, Umpqua acquired the banking operations of Rainier Pacific Bank in a purchase agreement with the Federal Deposit Insurance Corporation.
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. However, the deal fell through when Umpqua was out bid, though American Perspective paid Umpqua a $1.6 million fee to terminate the deal. Umpqua had been expanding into the San Francisco Bay Area, and closed a $24.9 million deal to buy Bay area-based Circle Bancorp in November 2012.
In September 2013, it announced it would buy Sterling Financial Corporation, parent of Sterling Bank, the second largest bank in Washington. The $2 billion deal was set to close in 2014 and would increase the number of bank branches to 394 and increase assets to $22 billion.
Umpqua Bank has enjoyed some notability in the 21st century for its setup of bank branches. Traditionally, bank branches house back-office operations and administrators, along with secure deposit areas. Umpqua Bank's branches are called 'stores', with a greater emphasis on retail operations and atmosphere than traditional bank branches.
Umpqua Bank stores also have a relatively flat administrative hierarchy. Bank stores consist of only one Store Manager, with all other employees being referred to as 'Universal Associates'. The execution of this concept was billed as removing the, "thats not my department," thinking of employees and empowering all associates with the ability to work in all areas of a traditionally specialized banking industry.
Current lending activities
The Bank makes both secured and unsecured loans to individuals and businesses. In December 2005, real estate construction/development, real estate mortgage, commercial/industrial and consumer/other loans represented approximately 16%, 63%, 19% and 2% respectively, of the total loan portfolio.
The Company offers loans for business and commercial customers, including accounts receivable and inventory financing, equipment loans, real estate construction loans and permanent financing and small business administration (SBA) program financing. The Company also offers loan products for small businesses through its small business lending center. Commercial real estate lending is the primary focus of the Company's lending activities and a significant portion of its loan portfolio consist of commercial real estate loans. The Company provides funding for income-producing real estate, though a substantial share of its commercial real estate loans are for owner-occupied projects of commercial loan customers and for borrowers it has financed for many years.
Real estate loans are available for construction, purchase and refinancing of residential owner-occupied and rental properties. Borrowers can choose from a variety of fixed and adjustable-rate options and terms. Umpqua sells residential real estate loans that it originates into the secondary market. Umpqua also provide loans to individual borrowers, for a variety of purposes, including secured and unsecured personal loans, home equity and personal lines of credit, and motor vehicle loans.
- [dead link]
- Kish, Matthew (July 21, 2011). "Umpqua profits climb, beat estimates". Portland Business Journal. Retrieved 23 July 2011.
- Calvey, Mark (December 23, 2011). "Umpqua Bank ramps up its Bay Area focus". Portland Business Journal. Retrieved 11 April 2012.
- "Umpqua Bank completes Centennial deal". Portland Business Journal. November 18, 2002. Retrieved 9 September 2012.
- "Failed bank information (FDIC), Bank of Clark County". Fdic.gov. Retrieved 2012-03-30.
- "Failed bank information (FDIC), Evergreen Bank". Fdic.gov. Retrieved 2012-03-30.
- "Failed bank information (FDIC), Rainier Pacific Bank". Fdic.gov. Retrieved 2012-03-30.
- "Umpqua Bank acquires Rainier Pacific Bank". 4 March 2010. Retrieved 4 March 2010.[dead link]
- Stevens, Suzanne (April 10, 2012). "Umpqua pays $44.7M for American Perspective Bank". Portland Business Journal. Retrieved April 10, 2012.
- Stevens, Suzanne (May 1, 2012). "PacWest outbids Umpqua for American Perspective Bank". Portland Business Journal. Retrieved May 1, 2012.
- Kish, Matthew (November 15, 2012). "Umpqua acquisition of Circle Bank closes". Portland Business Journal. Retrieved 15 November 2012.
- Kish, Matthew (September 11, 2013). "It's official: Umpqua to buy Sterling Bank for $2B". Portland Business Journal. Retrieved 12 September 2013.
- "Design and Economic Development at Umpqua Bank: An Interview with Ray Davis". Design Management Review. 2004.
- [dead link]