SPOKANE, Wash. -- Spokane-based Sterling Financial Corporation and Portland’s Umpqua Holdings Corporation announced a merger Wednesday, which was predicted to create the West Coast’s largest community bank.
The merger would mean Sterling-Umqua would possess 394 locations in five states - Oregon, Washington, Idaho, California and Nevada.
Upon completion of the merger, Sterling Financial would operate under the Umpqua Bank name and brand. Under the deal, Umpqua would continue to be led by Ray Davis as president and CEO. Sterling president and CEO Greg Seibly will join Umpqua Bank as co-president, with Umpqua Bank co-president Cort O’Haver serving in the same capacity.
“Together, Umpqua and Sterling will create something unique in the financial services industry,” said Davis.
The merger’s total value was estimated at approximately $2.0 billion. Completion of the deal was expected during the first half of 2014, and is subject to approval by each company’s shareholders, regulatory approvals and other customary closing conditions.
Sterling Financial Corporation is the bank holding company for Sterling Savings Bank. Sterling Savings Bank does business as Sterling Bank in Washington, Oregon and Idaho and as Sonoma Bank and Borrego Springs Bank in California.