Shareholders of Umpqua Holdings Corp. and Sterling Financial Corp. have given their stamp of approval for the Umpqua's $2 billion acquisition of Sterling, announced last Sept. 11.
Umpqua's shareholders also approved an amendment to Umpqua's articles of incorporation, effective at the closing of the merger, increasing the number of authorized shares of common stock to 400 million.
The acquisition will result in the West Coast's largest community bank, with approximately $22 billion in assets, $15 billion in loans and $16 billion in deposits. It will have about 5,000 employees and close to 390 branches across five states — Oregon, Washington, Idaho, California and Nevada.
Completion of the merger, which provides for Sterling to merge into Umpqua, is expected in the second quarter, pending regulatory approvals.
Earlier this month, Sterling Financial announced it was selling six branch offices — five in Coos County and one in Douglas — to Walla Walla, Wash-based Banner Bank, in anticipation of the Umpqua/Sterling consolidation.
— Greg Stiles