Umpqua Holdings Corporation
A former Oregon-based bank holding company whose principal banking subsidiary operated as Umpqua Bank.
Last updated August 26, 2026
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Overview
Umpqua Holdings Corporation was a United States financial holding company headquartered in Portland, Oregon, and the parent of Umpqua Bank. The group developed from South Umpqua State Bank, a community bank founded in 1953 in Canyonville, Oregon, by people working in the timber industry. The original institution was created partly to give local workers a convenient way to cash payroll checks and began with six employees and modest capitalization. Over time, Umpqua expanded from a small southern Oregon bank into a regional banking organization serving consumers, small and medium-sized businesses, commercial customers, and wealth-management clients. Its principal operating subsidiaries were Umpqua Bank and Umpqua Investments, the latter formerly known as Strand, Atkinson, Williams and York. Its principal business segments were personal banking and lending, business banking and lending, and wealth management. The company’s growth relied heavily on branch expansion, acquisitions, and the assumption of deposits from failed or seized financial institutions. A major early transaction was the 2002 acquisition of Eugene-based Centennial Bancorp, which increased Umpqua’s branch network to 63 locations. During the financial-crisis period, Umpqua assumed deposits from Bank of Clark County, Evergreen Bank, and Rainier Pacific Bank after those institutions were closed or placed into receivership. These transactions helped extend Umpqua’s presence in Washington and strengthened its position as a regional community bank. Umpqua also pursued broader geographic expansion. It acquired Circle Bancorp in the San Francisco Bay Area in 2012 after an attempted acquisition of American Perspective Bank failed when another bidder offered more favorable terms. The company’s largest expansion was its acquisition of Sterling Financial Corporation, the parent of Sterling Bank, in a transaction announced in 2013 and completed in April 2014. The approximately $2 billion deal made Umpqua one of the largest banking organizations based in the Pacific Northwest, expanded its branch network to 394 locations, and raised reported assets to approximately $22 billion. The company was also known for a distinctive retail-banking culture associated with former chief executive Raymond Davis. Under Davis, Umpqua presented branches as community-oriented spaces rather than purely transactional offices and promoted customer experience, employee culture, and local engagement as competitive differentiators. Davis later described the organization’s management philosophy in his 2007 book, Leading for Growth: How Umpqua Bank Got Cool and Created a Culture of Greatness. By 2015, Umpqua Bank reported approximately $24 billion in assets and $18 billion in deposits and was among the 60 largest banks in the United States. In 2016, it was described as the largest Oregon-based bank, with roughly 350 branches across Oregon, Washington, California, Nevada, and Idaho, although branch counts changed as a result of acquisitions and integration activity. In October 2021, Umpqua Holdings announced a merger with Tacoma-based Columbia Banking System, the parent of Columbia Bank. The transaction combined the two banking organizations and provided for Umpqua branches to transition to the Columbia name and branding. The merger was completed in February 2023. The resulting holding company became Columbia Banking System, Inc., which trades on Nasdaq under the symbol COLB. Umpqua Holdings Corporation therefore no longer operates as a standalone holding company, while the Umpqua Bank name continued to be used for the combined organization’s banking operations and brand in the post-merger period.
History
Umpqua Holdings Corporation originated with South Umpqua State Bank, established in 1953 in Canyonville, Oregon. The bank was founded by a group of timber-industry workers who wanted to create a local mechanism for employees to cash their payroll checks. It opened with six employees, $50,000 in capital, and $25,000 in surplus and reserves. Pete Duchene opened the first savings account, while D. B. “Tex” Ritter and Nadine Ritter opened the first commercial account for South Umpqua Trucking Company. The institution gradually expanded beyond its original southern Oregon community-banking base. In 1994, Raymond Davis took over leadership of the local 40-person South Umpqua Bank. He became president and chief executive of Umpqua Holdings in 1999. Under his leadership, the organization emphasized service culture, employee engagement, and a retail model intended to make branches function as community spaces as well as financial-service locations. In 2002, Umpqua acquired Eugene, Oregon-based Centennial Bancorp for $214 million. The transaction increased the bank’s branch count to 63 and accelerated its development into a larger Oregon banking franchise. During and immediately after the financial crisis, Umpqua expanded through failed-bank transactions. In January 2009, it agreed to assume deposits from Bank of Clark County after the institution was seized by the Office of the Comptroller of the Currency. In January 2010, Umpqua agreed to assume deposits from Evergreen Bank after its closure by Washington regulators and the FDIC’s appointment as receiver. The following month, it entered an agreement involving Rainier Pacific Bank after that Tacoma institution was seized by the FDIC, later completing a purchase of its banking operations. Umpqua continued pursuing acquisitions in the Pacific Northwest and California. In 2012, it attempted to acquire American Perspective Bank, a California institution whose two branches would have joined Umpqua’s network. The transaction did not close because American Perspective received a higher bid from another party; Umpqua received a termination fee. Later in 2012, Umpqua completed a $24.9 million acquisition of Bay Area-based Circle Bancorp, supporting its expansion into the San Francisco Bay Area. In September 2013, Umpqua announced an agreement to acquire Sterling Financial Corporation, the parent of Sterling Bank and one of the major banks in Washington. The transaction closed in April 2014 at an announced value of approximately $2 billion. It expanded Umpqua’s branch network to 394 locations and increased reported assets to approximately $22 billion, materially changing the scale of the company. Umpqua’s operating model combined personal banking and lending, business banking and lending, and wealth management. Its principal subsidiaries were Umpqua Bank and Umpqua Investments, formerly known as Strand, Atkinson, Williams and York. By 2015, Umpqua Bank had approximately $24 billion in assets and $18 billion in deposits. In 2016, it was described as the largest Oregon-based bank, with approximately 350 branches serving Oregon, Washington, California, Nevada, and Idaho. Leadership transitioned during the later years of independence. Cort O’Haver became president in April 2016 while Davis remained chief executive. Davis stepped down as CEO in January 2017, when O’Haver became CEO and Davis became executive chair. Davis continued oversight of Pivotus Ventures until his retirement was announced in December 2017 and became effective on January 2, 2018. In October 2021, Umpqua announced a merger with Columbia Banking System, the Tacoma-based parent of Columbia Bank. The plan called for Umpqua branches to transition to Columbia’s name and branding and for the combined holding company to be based in Tacoma, with banking operations headquartered in the Portland area. The transaction closed in February 2023. Columbia Banking System became the surviving holding company and trades on Nasdaq under the ticker COLB. Umpqua Holdings Corporation consequently ceased to operate as an independent public holding company, although the Umpqua Bank brand continued within the combined banking organization.
- 2023
Merger completed
[1]The Columbia Banking System and Umpqua Holdings combination closes, creating a banking organization with more than $52 billion in assets and ending Umpqua Holdings’ existence as an independent holding company.
- 2021
Merger with Columbia Banking System announced
[1]Umpqua announces a merger with Tacoma-based Columbia Banking System.
- 2017
CEO succession
[1]Davis steps down as chief executive, O’Haver becomes CEO, and Davis becomes executive chair.
- 2016
Cort O’Haver becomes president
[1]O’Haver becomes president while Davis continues as chief executive.
- 2014
Sterling Financial acquisition closes
[1]Umpqua completes the approximately $2 billion acquisition of Sterling Financial Corporation, increasing its scale to 394 branches and about $22 billion in assets.
- 2012
Circle Bancorp acquisition
[1]Umpqua closes its acquisition of Circle Bancorp for $24.9 million, expanding its Bay Area presence.
- 2010
Evergreen Bank and Rainier Pacific transactions
[1]Umpqua assumes Evergreen Bank deposits and later takes over Rainier Pacific Bank’s banking operations through FDIC-related transactions.
- 2009
Bank of Clark County deposit assumption
[1]Umpqua agrees to assume deposits from Bank of Clark County after the institution is seized by federal regulators.
- 2002
Centennial Bancorp acquisition
[1]Umpqua acquires Centennial Bancorp of Eugene, Oregon, for $214 million and increases its branch count to 63.
- 1999
Davis becomes chief executive of Umpqua Holdings
[1]Davis becomes president and chief executive of the holding company.
Products and positioning
A Pacific Northwest regional bank positioned around community banking, customer experience, relationship-based lending, and a differentiated branch culture.
Consumer banking
Umpqua Bank personal banking
Umpqua Bank’s consumer offering served individuals and households through deposit accounts, everyday banking services, personal financial products, and consumer lending. The business was delivered through a regional branch network and was associated with Umpqua’s emphasis on customer experience and community presence.
Business banking
Umpqua Bank business banking
Business banking supported companies and local commercial customers with deposit services, relationship banking, credit, and lending. The segment reflected Umpqua’s community-bank heritage while serving a broader regional customer base across the Pacific Northwest and selected Western states.
Lending
Umpqua Bank lending
Lending was one of Umpqua’s principal operating activities and included personal, residential, commercial, and business-oriented credit. The company expanded its lending platform as it acquired banks and entered additional markets.
Wealth management
Umpqua Investments
Umpqua Investments was the group’s wealth-management and investment-services subsidiary. It was formerly known as Strand, Atkinson, Williams and York and complemented the bank’s deposit and lending businesses with services for individuals and other wealth-management clients.
Brand decisions
2021
Merger with Columbia Banking SystemM&ABackground
Umpqua sought to combine with Tacoma-based Columbia Banking System to create a larger regional banking organization.
Action taken
The companies announced the merger in October 2021 and planned to transition Umpqua branches to Columbia’s name and branding.
Aftermath
The merger closed in February 2023. Columbia Banking System became the surviving holding company, while Umpqua Holdings ceased to operate independently.
2013
Agreement to acquire Sterling Financial CorporationM&ABackground
Umpqua pursued a major Pacific Northwest expansion by targeting Sterling Financial Corporation, the parent of Sterling Bank.
Action taken
Umpqua announced an approximately $2 billion acquisition agreement in September 2013.
Aftermath
The deal closed in April 2014, expanding the branch network to 394 locations and reported assets to approximately $22 billion.
Transaction value. (2013-2014)
2012
Attempted acquisition of American Perspective BankM&ABackground
Umpqua sought to expand its California presence and proposed acquiring American Perspective Bank, a transaction that would have added two branches to its network.
Action taken
The transaction was terminated after another bidder offered more favorable terms. American Perspective paid Umpqua a $1.6 million termination fee.
Aftermath
Umpqua continued its California expansion through the acquisition of Circle Bancorp later in 2012.
Proposed acquisition value; termination fee. (2012)
Recent events
Steward Partners announces acquisition of Umpqua wealth management unit[2]
Reported:
Steward Partners and Umpqua announced a deal for Steward Partners to acquire Umpqua Bank's wealth management unit, Umpqua Investments. The acquisition was expected to close in the first quarter of 2021.
Umpqua Bank announces COVID-19 customer relief measures[3]
Reported:
Umpqua Bank announced COVID-19 relief measures for customers, including deferring eligible loan payments and waiving associated fees and ATM fees.
Umpqua reports quarterly and annual results[4]
Reported:
Umpqua Holdings Corporation reported fourth-quarter 2019 net income of $83.8 million and full-year 2019 net income of $354.1 million.
Sources4 sources
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