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Posts tagged: Umpqua Bank

Sterling employees start looking toward their future with Umpqua

We'll be asking what the actual headcount reduction will be, following today's announcement that the Umpqua Bank merger with Sterling Bank has cleared all hurdles.

The first signs of the deal will be Sterling’s regional signs being replaced by Umpqua Bank signs the weekend of April 18 and continuing for the next 10 weeks.

Portland-based Umpqua will gain a financial services foothold in Eastern Washington. It is considered Oregon’s largest bank.

It’s paying about $1.9 billion in stock for Sterling, which has around 650 area workers and more than 2,600 across the service area, which includes Idaho, Oregon and California.

Sterling has 176 branches in those states and in Washington.

“We’ll be the largest community bank on the West Coast and the 34th largest community bank in the country,” Coon noted.

Sterling CEO Greg Seibly will stay with the company, previous news releases have said.

Merging with Sterling gives Umpqua roughly $22 billion in assets and almost 400 total branches.

Coon said the merger will result in the loss of some area Sterling positions. The full scope of that reduction is still being determined, she said.

Area’s second-largest business story for 2013: Umpqua buys Sterling Bank

Today's post: The No. 2 business story of the year for the Spokane North Idaho area.

Last week we posted No. 3, the widespread credit card breach connected to area grocery stores.

No. 2 is the acquisition of Spokane's largest home-based bank, Sterling Financial by Oregon-based Umpqua Bank. Our earlier story on the acquisition ran on Sept. 11, 2013.

Tomorrow, Dec. 31, we list the No. 1 business story for 2013.  Because of our pick-the-top-story contest, the final story will determine who wins the SR OfficeHours $10 coffee card.

 

 

Sterling share price did show a large spike several days before Umpqua deal

The day after Sterling Financial announced it's being taken over by Portland-based Umpqua Bank, here's one graphic that raises questions about who knew about the merger early-on.

The story of the announcement ran in the Sept. 12 Spokesman Review and online.

The graphic here shows a 30-day chart of the public share prices of Sterling vs. Umpqua vs. a regional community bank, PacWest Bank. All trade on the Nasdaq. Sterling is green, Umpqua is blue.

Sterling's stock shows the most impressive jump, and that has led some lurkers and outsiders to wonder who got advance word of the deal.  The Great Stock Price Leap occurs from Aug. 21 through Aug. 24.

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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

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John Stucke John Stucke is a deputy city editor who helps build local news coverage and writes about health care, bankruptcy and rural affairs.

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