Peninsula Daily News
and Associated Press
PORTLAND, Ore. — A merger between Portland-based Umpqua Bank and Spokane-based Sterling Bank is set for completion by April 18, the corporate parents of the two banks said in a statement this week.
After the April 18 completion of the merger, the combined company will operate as Umpqua Holdings Corp., with banking operations using the Umpqua Bank name.
On the North Olympic Peninsula, Sterling currently has two branches: in Port Angeles at 1033 E. First St. and in Forks at 1020 S. Forks Ave.
There are currently no Umpqua banks on the Peninsula. The nearest branches are in Gig Harbor and Seattle.
Umpqua Holdings Corp. and Sterling Financial Corp. said they have received all the necessary regulatory approvals for the proposed merger that was announced last Sept. 11.
In addition, shareholders of the two financial institutions have approved the merger through Umpqua’s acquisition of Sterling with the payment of almost $2 billion in stock.
The merged assets will leave Umpqua with about $22 billion in assets and 394 branches in five states, the banks said when the merger was announced.
As part of the merger, Umpqua and Sterling said they will establish and fund a $10 million community foundation to help support community-based programs.
