Umpqua Holdings Corporation and Sterling Financial Corporation Shareholders Overwhelmingly Approve Merger
February 26 2014 - 8:00AM
Business Wire
Umpqua Holdings Corporation (NASDAQ:UMPQ) and Sterling Financial
Corporation (NASDAQ:STSA) are pleased to announce that their
respective shareholders have voted overwhelmingly to approve the
companies’ Agreement and Plan of Merger, previously announced on
September 11, 2013. Umpqua’s shareholders also approved an
amendment to Umpqua’s articles of incorporation, effective at the
closing of the merger, increasing the number of authorized shares
of common stock to 400,000,000.
Completion of the merger, which provides for Sterling to merge
into Umpqua, is expected in the second quarter of 2014, pending
regulatory approvals and other customary closing conditions.
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 locations between
San Francisco, California, and Seattle, Washington, along the
Oregon and Northern California Coast, Central Oregon and Northern
Nevada. Umpqua Holdings also owns a retail brokerage subsidiary,
Umpqua Investments, Inc., which has locations in Umpqua Bank stores
and in dedicated offices in Oregon. Umpqua Private Bank serves high
net worth individuals and non-profits, providing trust
and investment services. Umpqua Holdings Corporation is
headquartered in Portland, Oregon. For more information, visit
www.umpquaholdingscorp.com.
About Sterling Financial Corporation
Sterling Financial Corporation (NASDAQ:STSA) 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, offering banking
products and services, mortgage lending, and trust and investment
products to individuals, small businesses, corporations and other
commercial organizations. As of December 31, 2013, Sterling
Financial Corporation had assets of $10.31 billion and operated
depository branches in Washington, Oregon, Idaho and California.
Visit Sterling Financial Corporation’s website at
www.sterlingfinancialcorporation.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document contains certain “forward-looking statements”
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “anticipate”, “may”, “can”, “believe”, “expect”, “project”,
“intend”, “likely”, “plan”, “seek”, “should”, “would”, “estimate”
and similar expressions and any other statements that predict or
indicate future events or trends or that are not statements of
historical facts. These forward-looking statements are subject to
numerous risks and uncertainties. Actual results may differ
materially from the results discussed in these forward-looking
statements because such statements are inherently subject to
significant assumptions, risks and uncertainties, many of which are
difficult to predict and are generally beyond Sterling’s and
Umpqua’s control. These risks and uncertainties include, but are
not limited to, the following: the timing to consummate the
proposed merger; and the risk that a condition to closing of the
proposed merger may not be satisfied and the risk that a regulatory
approval that may be required for the proposed merger is not
obtained or is obtained subject to conditions that are not
anticipated. Sterling and Umpqua undertake no obligation (and
expressly disclaim any such obligation) to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. For additional information
concerning factors that could cause actual conditions, events or
results to materially differ from those described in the
forward-looking statements, please refer to the factors set forth
under the headings "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in
Umpqua’s and Sterling’s most recent Form 10-K and 10-Q reports and
to Sterling’s and Umpqua’s most recent Form 8-K reports, which are
available online at www.sec.gov. No assurances can be given that
any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what impact they
will have on the results of operations or financial condition of
Umpqua or Sterling.
Media ContactsUmpqua
Holdings CorporationSVP, Corporate CommunicationsEve Callahan,
503-727-4188evecallahan@umpquabank.comorSterling Financial
CorporationVP, Communications and Public Affairs DirectorCara Coon,
509-626-5348cara.coon@bankwithsterling.comorInvestor ContactsUmpqua Holdings
CorporationEVP/Chief Financial OfficerRon Farnsworth,
503-727-4108ronfarnsworth@umpquabank.comorSterling Financial
CorporationEVP/Chief Financial OfficerPatrick J. Rusnak,
509-227-0961pat.rusnak@bankwithsterling.com
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