Umpqua Bank, a subsidiary of Umpqua Holdings Corp. (NASDAQ: UMPQ), plans to expand its commercial banking operations to California’s Silicon Valley as part of its overall growth strategy. The bank, which has commercial operations as far south as San Francisco and Walnut Creek, Calif., and in Oregon, Western Washington and Northern Nevada, expects to open a commercial banking facility to serve the Silicon Valley within the first half of 2011.
“The Silicon Valley is a strategic extension for Umpqua Bank’s commercial banking division,” said Cort O’Haver, executive vice president of commercial banking for Umpqua Bank. “The region has the third largest concentration of public and private companies operating in the market and there is a limited presence of regionally based banks.”
Umpqua offers a full line of commercial, treasury management, and retail banking products and services. Like many companies headquartered in Silicon Valley, Umpqua has long been focused on creating innovative products, delivery systems and a unique customer experience. The bank has served California communities for more than eight years.
“This expansion is in line with Umpqua’s plans to continue building momentum in our commercial loan portfolio. We see tremendous opportunity in the Silicon Valley to extend our commercial banking services to regional businesses, assisting in their growth as the market recovers,” said O’Haver.
Umpqua Bank has opened five new commercial banking facilities within the past 12 months and continues to explore new locations within and adjacent to its footprint. The Silicon Valley commercial banking center will be Umpqua’s first entry into the area, paving the way for further growth.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ) and has 184 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 five 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.
Jane Taber, 503-546-7888