Umpqua Holdings Corporation

Umpqua Holdings Corporation

Company type	Public company
Industry	Banking, Financial services
Predecessor	South Umpqua State Bank
Founded	January 1, 1953 (1953-01-01) in Canyonville, Oregon, United States
Founder	Professionals from the timber industry
Fate	Merged with Columbia Banking System in February 2023
Successor	Columbia Banking System (merged entity)
Headquarters	Portland, Oregon , United States
Area served	Oregon, Washington, California, Nevada, Idaho
Key people	Raymond Davis (former CEO and President), Cort O’Haver (CEO since 2017)
Products	Personal and commercial banking, lending services, wealth management
Owner	Public shareholders
Parent	Columbia Banking System (after 2023 merger)
Website	www.umpquabank.com

Umpqua Holdings Corporation, operating as Umpqua Bank, was a financial holding entity headquartered in downtown Portland, Oregon, situated within the Umpqua Bank Plaza. Its main subsidiaries comprised Umpqua Bank and Umpqua Investments (previously known as Strand, Atkinson, Williams and York).

The firm’s primary business divisions included personal and commercial banking and lending services, along with wealth management offerings tailored for both individual clients and enterprises. By 2015, Umpqua Bank oversaw $24 billion in assets and held $18 billion in deposits, positioning it among the top 60 banks nationwide. The publicly traded parent company maintained 350 branches across Oregon, Washington, California, Nevada, and Idaho, establishing it as the largest bank based in Oregon by 2016.

In October 2021, Umpqua revealed plans to merge with Tacoma-based Columbia Bank. Following the merger, Columbia Bank locations were set to operate under the Umpqua brand. The combined holding company would be headquartered in Tacoma, while the operational banking headquarters would remain in Portland.

History

South Umpqua State Bank was established in 1953 in Canyonville, Oregon by professionals from the timber sector to provide payroll check cashing services. The bank commenced operations with $50,000 in capital alongside $25,000 in surplus and reserves. The first savings account was opened by local business representative Pete Duchene, while the initial commercial account belonged to D.B. “Tex” Ritter and his wife Nadine for their South Umpqua Trucking Company.

In 2002, Umpqua expanded its branch network to 63 through the acquisition of Centennial Bancorp based in Eugene, Oregon, for $214 million. Between 2009 and 2010, the bank absorbed deposits from several failed institutions including Bank of Clark County, Evergreen Bank, and Rainier Pacific Bank, thereby enhancing its footprint in Washington state. Additionally, Umpqua acquired Rainier Pacific's banking operations through an agreement facilitated by the FDIC.

The company pursued expansion into California’s San Francisco Bay Area via acquisitions, finalizing a $24.9 million purchase of Circle Bancorp in 2012 after an unsuccessful attempt to acquire American Perspective Bank. In 2013, Umpqua announced a $2 billion acquisition of Sterling Financial Corporation—the parent company of Sterling Bank, which was Washington state's second largest bank—boosting its branch total to 394 and assets to $22 billion by April 2014.

Raymond Davis assumed the roles of CEO and President of Umpqua Holdings Corporation in 1999 after serving as head of South Umpqua Bank since 1994. In 2007, he authored Leading for Growth: How Umpqua Bank Got Cool and Created a Culture of Greatness. Cort O’Haver took over as CEO in January 2017, with Davis becoming executive chair until his retirement in early 2018.

In February 2023, Umpqua Holdings completed a merger with Columbia Banking System to form a combined organization managing over $52 billion in assets under the Umpqua Bank name. Columbia Banking System, Inc., the parent company of this merged entity, is publicly listed on Nasdaq under the symbol 'COLB.'

See also

• List of companies based in Oregon