Umpqua Holdings Corporation Completes Acquisition of California-Based North Bay Bancorp
April 27 2007 - 8:00AM
Business Wire
Umpqua Holdings Corporation (NASDAQ:UMPQ), parent company of Umpqua
Bank and Strand, Atkinson, Williams & York, Inc., announced
today the completion of its acquisition of California-based North
Bay Bancorp (NASDAQ:NBAN) by merger on April 26, 2007. North Bay
shareholders will receive 1.228 shares of Umpqua common stock for
each share of North Bay common stock, giving the transaction a
total value of approximately $143 million. Beginning today, all
North Bay Bancorp branches, including those of The Vintage Bank and
its Solano Bank division, will operate under the Umpqua Bank name.
The merger adds the former North Bay Bancorp�s 10 Northern
California branches to Umpqua Bank�s network of 134 Northern
California, Oregon and Washington locations, for a total of 144
stores and 161 ATMs. North Bay associates have already been
enrolled in Umpqua Bank�s internal training and culture orientation
programs, and as of May 7, 2007, will offer Umpqua products and
services in their stores. Umpqua Bank offers a complete portfolio
of commercial, small business and retail banking services
throughout Northern California, Oregon and Washington. �Umpqua Bank
and North Bay Bancorp bring a shared commitment to community
banking and focus on customer service,� said Ray Davis, Umpqua
Holdings Corporation CEO. �The expanded Umpqua Bank offers the best
of both companies, providing customers, employees and shareholders
with a larger bank network and increased opportunities � and the
same unwavering commitment to the communities we serve.� Ray Davis
will continue to lead the combined organizations as president and
CEO of Umpqua Holdings Corporation. Bill Fike, president of Umpqua
Bank California, will continue to oversee Umpqua�s California
operations. Glen Terry, previously president of The Vintage Bank
and its Solano Bank division, will stay on as Senior Vice President
and Commercial Banking Center Manager for the greater Napa, Solano
County area. Approximately 5.2 million shares of Umpqua Holdings
Corporation common stock will be issued in connection with the
merger. The combined organization has assets of approximately $8.1
billion, deposits of approximately $6.1 billion and shareholder�s
equity of approximately $1.3 billion. Map of store locations
available About Umpqua Holdings Corporation Umpqua Holdings
Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an
Oregon-based community bank recognized for its entrepreneurial
approach, innovative use of technology, and distinctive banking
solutions. Umpqua Bank has 134 locations stretching from the
greater Sacramento, Calif. area and San Joaquin Valley to Seattle,
as well as along the Oregon and Northern California Coast and in
Central Oregon. Umpqua Holdings also owns retail brokerage
subsidiary Strand, Atkinson, Williams & York Inc., which has
locations in Umpqua Bank stores and in dedicated offices throughout
Oregon and Southwest Washington. Umpqua Bank�s Private Client
Services Division provides tailored financial services and products
to individual customers. Umpqua Holdings Corporation is
headquartered in Portland, Ore. For more information, visit
www.umpquaholdingscorp.com.
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