Umpqua Holdings to Buy Western Sierra
From Associated Press
Regional banking company Umpqua Holdings Corp. said it was buying California’s Western Sierra Bancorp for about $355 million in stock.
The acquisition would add Western Sierra’s 31 branches in Northern California to Umpqua’s banking network, which includes 95 branches in Oregon, Northern California and Washington.
Western Sierra’s holdings operate under the names Western Sierra Bank, Central California Bank, Lake Community Bank and Auburn Community Bank. All would be re-branded as Umpqua Bank.
Shares of Portland, Ore.-based Umpqua fell 67 cents to $26.59. Cameron Park, Calif.-based Western Sierra rose $1.97 to $42.05.
