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).
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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.
