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Umpqua Bank history
Umpqua Bank company history timeline
And in 1953, South Umpqua State Bank opened its doors.
Valley of the Rogue Bank had been founded in 1968 and had purchased five other banks before the merger, becoming southern Oregon’s largest community bank.
By November 1994, however, the bank’s market share had stagnated as major competitors, such as Wells Fargo and Bank of America, began encroaching on its territory with supermarket and pharmacy outlets.
By early 1997, product sales had increased by 40 percent, and South Umpqua’s account base was up by 21.5 percent, outstripping the business growth of its nearest competitor by 10 percent.
In early 1998, with $253 million in assets, South Umpqua, which had sold stock directly to its customers for years, launched its initial public offering to fund its further expansion plans.
A year later, in 1998, the company reorganized itself as a bank holding company called Umpqua Holdings Corporation with the renamed South Umpqua Bank its wholly owned subsidiary.
One of the fastest growing banks in the western states, by 1999, South Umpqua Bank had doubled its assets to about $340 million, having averaged growth in revenues of more than 20 percent for the past few years.
In 1999 Umpqua Bank also installed ATMs in nine Price Chopper stores from Albany to Grants Pass, Oregon, continuing its expansion at the ground level.
Davis became CEO and President of Umpqua Holdings in 1999.
Also in 2000, South Umpqua Bank acquired a second Portland brokerage firm, Adams, Hess, Moore & Co.
As impressive as Umpqua’s growth appeared on its own, it was even more impressive viewed in light of the decline of the timber industry and then the tech bust of 2000 in the Pacific Northwest.
Umpqua Holdings moved its headquarters to Portland in 2001, leaving Umpqua Bank behind in Roseburg.
Umpqua Holdings moved its headquarters to Portland in 2001, leaving Umpqua Bank behind in Roseburg. It purchased Independent Financial Network, of Coos Bay, Oregon, a multibank holding company with 14 banks on or near the Oregon Coast with $389 million in assets and Linn-Benton community bank of Albany, Oregon, in 2001.
In 2002 Umpqua Holdings purchased Centennial Bancorp, whose subsidiary, Centennial Bank, had 15 branches in the Portland area, including two in Vancouver, Washington, and another eight in Eugene, Oregon, and along the coast.
In 2002, Umpqua increased its number of branches to 63 by acquiring Centennial Bancorp of Eugene, Oregon, for $214 million.
In 2003 it introduced Green Accounts that allowed account holders the choice of donating the interest on their account to a local nonprofit, originally one of several environmental groups, but later other nonprofits as well.
Stiles, Greg, “Roseburg, Oregon–Based Umpqua Bank Named Best Place of the Year to Work in State,” Mail Tribune, March 3, 2004.
After testing out a loan production office in Bellevue, Washington, it opened its first full-service, destination store in Seattle area in 2005.
In 2007, Davis authored a book titled Leading for Growth: How Umpqua Bank Got Cool and Created a Culture of Greatness.
On January 16, 2009, Umpqua agreed to assume the deposits of Vancouver, Washington-based Bank of Clark County after the latter bank was seized by the Office of the Comptroller of the Currency.
The $2 billion deal closed in April 2014 and increased the number of bank branches to 394 and increased assets to $22 billion.
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Umpqua Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Borrego Springs Bank | - | $21.0M | 99 | - |
| Huntington National Bank | 1866 | $4.8B | 25,693 | 1,651 |
| Bank of the West | 1874 | $2.8B | 9,261 | - |
| Bank of America | 1998 | $85.5B | 200,000 | 5,896 |
| KeyBank | 1825 | $2.8B | 17,999 | 626 |
| Wells Fargo | 1852 | $2.4B | 268,531 | 2,409 |
| Citizens Financial Group | 1828 | $6.1B | 18,100 | 995 |
| U.S. Bank | 1863 | $202.1M | 70,000 | 2,546 |
| Banc Trust Financial Group Inc | - | - | - | - |
| Banco Bilbao Vizcaya Argentaria | 1857 | $26.3B | 123,174 | 39 |
Umpqua Bank history FAQs
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Umpqua Bank may also be known as or be related to UMPQUA HOLDINGS CORP, Umpqua Bank, Umpqua Holdings Corp. and Umpqua Holdings Corporation.