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Umpqua buys 4th bank

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High Five
Tuesday, June 22, 2010

Roseburg-based Umpqua bank assumed the deposits and assets of a failed Nevada security bank.

This is the fourth acquisition for Umpqua since 2009, and the first acquisition of a bank outside of Washington state.

The Nevada bank had $480.3 million in assets, and $479.8 million in deposits as of March 31. The bank’s failure is expected to cost the federal deposit insurance fund $80.9 million.

Nevada Security Bank is the 83rd failure this year and the 248th since 2008.

Read more at the Wall Street Journal.

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