Umpqua Bank, a subsidiary of Umpqua Holdings Corp. (NASDAQ: UMPQ), today launched Umpqua Trust Services, a strategic alliance with New York Private Trust Company, a Delaware chartered trust company and subsidiary of Emigrant Bancorp, Inc. (“NYPT”). Umpqua Trust Services will provide high net worth families and individuals with a comprehensive, cost-effective suite of client fiduciary solutions, including full trust and foundation administration, estate administration, and directed trustee services.
Corporate and personal trust services include: asset protection trusts, q-tip trusts, irrevocable and revocable personal trusts, credit shelter trusts, incentive trusts, marital trusts, residuary trusts, generation skipping transfer trusts, estate settlement trusts, dynasty trusts, irrevocable life insurance trusts, and private annuity trusts.
“The addition of trust services adds to Umpqua’s wealth management offerings, providing high net worth individuals with a comprehensive combination of services that meet our client’s needs and ensure that they have access to professionals with an acute understanding of fiduciary administration, investments, taxation, and estate planning,” said Ray Davis, CEO of Umpqua Holdings Corporation.
Umpqua Trust Services, operating as a division of NYPT, will fulfill its role as trustee by:
- Holding trust property
- Watching over the investment of trust assets
- Distributing the trust’s income and/or principal to beneficiaries in accordance with the terms of the trust
- Making tax decisions concerning the trust with the co-trustee’s consultation
- Keeping detailed records of all trust transaction and decisions for the life of the trust
- Providing accurate statements
- Filing tax returns
- Issuing tax reports to the beneficiaries
- Answering the beneficiaries’ questions
“Because of Delaware’s nationally respected judicial system known for corporate and trust oversight, a Delaware trust company charter is an important competitive advantage in our market,” said Kelly Johnson, executive vice president of wealth management of Umpqua Holdings Corporation. “Umpqua’s Trust Services’ offering affords clients the ability to create trusts that enjoy perpetual duration, asset protection capability, flexibility in financial planning and investment management, as well as potential tax advantages.”
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ) and has 183 locations between San Francisco and Seattle, along the Oregon and Northern California Coast, and in Central Oregon and Northern Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for the past four years in a row on FORTUNE magazine’s list of the country’s “100 Best Companies To Work For.” Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments Inc., which offers services through Umpqua Bank stores and in dedicated offices throughout Oregon. Umpqua's Private Bank Division serves high net worth individuals and non-profits providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit http://www.umpquabank.com.
Eve Callahan, 503-546-7867