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The Oregon company is disinclined to pursue acquisitions or buy back stock anytime soon, though it still would consider opening offices in new markets if the numbers work out.
January 28 -
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 -
Huntington Bancshares plans to close more than 100 branches in Ohio, Illinois, Michigan, Pennsylvania and Wisconsin after it completes its acquisition of FirstMerit.
March 10
Umpqua Holdings in Portland, Ore., plans to close 26 branches in Oregon, California, Idaho and Washington state in an effort to cut costs.
The $23 billion-asset Umpqua did not say how much it expected to trim expenses by closing the branches. A bank spokeswoman also declined to say if it will record a charge to cover the cost of the shutdowns.
The closings will begin in June and run through the summer.
"Today, customers can bank online and on their mobile devices — and convenience is defined not by bank locations but by an integrated mix of physical and digital options," Greg Seibly, president of consumer banking, said in a Thursday news release.
Umpqua will close 14 branches in Oregon, out of total of 119, including locations in downtown Portland, Salem and Lake Oswego. It will close three branches in Washington and one in Idaho. Some of the offices to be closed in Oregon, Washington and Idaho were obtained through Umpqua's 2014
Umpqua will also close eight branches in California, including offices in Placerville and Sonora.
