Umpqua Bank, a subsidiary of
Umpqua Holdings Corporation
), announced its intention to consolidate 27 stores in the current
year. The decision follows the Apr 2014 merger with Sterling
Financial Corporation. The Roseburg, Oregon-based bank has also
indicated more branch closures in 2015.
Per the announcement, shutdown of the branches will begin in
September and will continue through the year end. All customers to
be affected by the closure have been notified by the bank.
Moreover, all the affected customers' accounts will be
automatically transferred to the most convenient nearby branch.
Majority of the new branches will be located less than a mile away
from the previous ones.
This decision to consolidate stores has its roots in the merger
with Sterling Financial Corporation, the Washington-based bank
holding company for Sterling Savings Bank. The merged entity is
presently operating as Umpqua Holdings Corporation. With
consolidated branches, Umpqua Bank will be able to serve its retail
as well as commercial clients in a better way.
Notably, in recent times, Umpqua has carried out a string of merger
and acquisition activities to keep its expansion momentum running.
The Sterling acquisition is the latest in line.
Currently, Umpqua Holdings carries a Zacks Rank #4 (Sell). Some
better-ranked west banks include
Central Pacific Financial Corp.
CVB Financial Corp.
Bridge Capital Holdings
). While Central Pacific Financial and CVB Financial sport a Zacks
Rank #1 (Strong Buy), Bridge Capital Holdings holds a Zacks Rank #2
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BRIDGE CAP HLDG (BBNK): Free Stock Analysis
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UMPQUA HLDGS CP (UMPQ): Free Stock Analysis
CVB FINL (CVBF): Free Stock Analysis Report
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