Umpqua Holdings Corporation and Sterling Financial Corporation Receive Regulatory Approvals for Proposed Merger
April 01 2014 - 1:15PM
Business Wire
Umpqua Holdings Corporation (NASDAQ: UMPQ) and Sterling
Financial Corporation (NASDAQ: STSA) today announced that all
regulatory approvals for their proposed merger, announced on
September 11, 2013, have been received. This follows the approvals
by Umpqua and Sterling shareholders, which were previously
announced on February 26, 2014.
Subject to the satisfaction of customary closing conditions, the
merger is expected to be completed as of the close of business on
Friday, April 18, 2014. The combined companies will operate as
Umpqua Holdings Corporation, with banking operations conducted
under the Umpqua Bank brand.
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. 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
annual and quarterly reports on Forms 10-K and 10-Q and to
Sterling’s and Umpqua’s most recent current reports on Form 8-K,
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.
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Media ContactsUmpqua BankEve
Callahan, 503-727-4188SVP, Corporate
Communicationsevecallahan@umpquabank.comorSterling Financial
CorporationCara Coon, 509-626-5348VP, Communications and Public
Affairs Directorcara.coon@bankwithsterling.comorInvestor ContactsUmpqua BankRon Farnsworth,
503-727-4108EVP/Chief Financial
Officerronfarnsworth@umpquabank.comorSterling Financial
CorporationPatrick J. Rusnak, 509-227-0961EVP/Chief Financial
Officerpat.rusnak@bankwithsterling.com
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