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Umpqua Holdings' agreement to buy Sterling Financial is the latest in a series of deals this year to pair similarly sized banks, creating a new crop of midsize financial institutions.
September 12 -
Umpqua Holdings (UMPQ) in Portland, Ore., has agreed to buy Sterling Financial (STSA) in Spokane, Wash.
September 12
Federal banking regulators have signed off on Umpqua Holdings' (UMPQ) agreement to buy Sterling Financial (STSA).
The deal is scheduled to close by April 18 and would create a banking company with assets of $22 billion and 400 branches in California, Idaho, Oregon, Nevada and Washington, the two companies said in an April 1 news release. Umpqua is based in Portland, Ore., and Sterling in Spokane, Wash.
Umpqua said in September that it had
The combined company will keep the Umpqua name and be run by Ray Davis, Umpqua's current president and chief executive. Sterling CEO Greg Seibly will serve as co-president along with Umpqua's Cort O'Haver.
Umpqua