Umpqua Bank and Sterling Savings Bank merge
Umpqua Holdings Corporation and Sterling Financial Corporation announced that all regulatory approvals for their proposed merger have been received and will finalize this month.
The merger is expected to be completed on Friday, April 18. The combined companies will operate as Umpqua Holdings Corporation, with banking conducted under the Umpqua Bank brand.
Umpqua Holdings Corporation is the parent company of Umpqua Bank, an Oregon-based community bank with locations from Seattle to San Francisco.
Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a Washington state chartered and federally insured commercial bank. Sterling Savings Bank does business as Sterling Bank in Washington, Oregon and Idaho and as Argent Bank in California. As of December 31, 2013, Sterling Financial Corporation had assets of $10.31 billion.
At this time, the Montesano Sterling Savings Bank location has no plans of being closed, only renamed.