Umpqua Bank has acquired the banking
operations and 14 branch network of failed Washington-based lender
Rainier Pacific Bank, in a purchase and assumption agreement with
the Federal Deposit Insurance Corporation (FDIC).
In January, Umpqua snapped up Evergreen Bank and said it was on
the lookout for further possible acquisitions (see RBI 627).
Go deeper with GlobalData
Rainier Pacific had $718m in assets and $446m
in deposits, including approximately $327m of core deposits at the
end of 2009.
Rainier’s $564m in loans are subject to a
loss-sharing agreement with the FDIC. The transaction will increase
Umpqua’s assets to approximately $10.5bn and deposits to
approximately $8.2bn.
The deal results in an increase in Umpqua’s
branch network to 176 outlets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
