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The Oregon company is hopeful it will enjoy significant stock appreciation once investors realize the value of its acquisition of Home Federal in Idaho. Management hopes other potential sellers agree.
June 20 -
Simmons First National (SFNC) in Pine Bluff, Ark., plans to close 27 branches, according to regulatory filings.
January 16
Umpqua Holdings (UMPQ) in Portland, Ore., will
"The decision to consolidate a limited of store locations was one that we considered carefully from the moment we first explored merging with Sterling," Ray Davis, Umpqua's chief executive, said in a press release Monday.
The closures will begin in September. Customer accounts will be automatically transferred to the nearest branch location. No additional closures are planned for this year, though "a number of stores are still under review for potential consolidation in 2015," the company said in its release.
The closures include 13 Umpqua and 14 Sterling branches, located across the $11.8 billion-asset company's operations. The list includes 13 branches in Washington, seven in Oregon and seven in California, an Umpqua spokeswoman said in an email.
Umpqua evaluated its branches on a variety of factors, including proximity to other offices, the spokeswoman said. The soon-to-be-closed banks are each located an average of 1.1 miles from another bank branch, she added.
Umpqua
Umpqua has expanded its business along the Pacific Coast in recent years. The company
It expanded in California the previous year with the
Separately, Banner Corp. (BANR) announced Monday that it had completed its purchase of six Umpqua branches in Oregon in conjunction with Umpqua's acquisition of Sterling. Banner also obtained $211 million in deposits and $83 million in loans and related assets in the deal.