Umpqua Bank acquires Sterling Bank for $2B

Umpqua Bank acquires Sterling Bank for $2B

Portland-based Umpqua Holdings is buying Spokane-based Sterling Financial in a $2 billion deal.

Once the takeover is complete, the combined company will operate under the Umpqua Bank name and brand, the companies said. Umpqua chief executive Ray Davis will serve as president and CEO. Sterling chief executive Greg Seibly will join Umpqua Bank as co-president, along with Umpqua Bank co-president Cort O'Haver.

The acquisition will nearly double Umpqua's size and reach. Combined, the banks have $22 billion in assets, $15 billion in loans and $16 billion in deposits. They have 5,000 employees and 394 branches across Oregon, Washington, Idaho, California and Nevada.

Read more at OregonLive.com.