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25 Oct 2014
26 Oct 2014
Umpqua and Sterling Bank merger imminent
(Oregon Public Broadcasting) As of Friday evening, the merger between Oregon's Umpqua Bank and Sterling Financial is expected to be official.
The merger was announced in September and already has the necessary state and federal approval.
But the companies had to abide by a waiting period before the merger becomes official.
The resulting company will have 400 branches across five states.
Umpqua spokeswoman Eve Callahan says any merger has duplications in positions and locations.
"Umpqua has approximately 120 openings right now. Sterling has approximately 80," she said.
"And so we really want to work with people whose positions are affected to make sure that they have every opportunity to find a new position, either with Umpqua or elsewhere within the community."
Sterling bank faced troubles in 2009 after regulators found it was under capitalized. It raised $300 million as a result.
Umpqua's stock stood at about $16 a share when the merger was announced. It's now trading at about $18.50.
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