Home The Latest Umpqua cruises into Hawthorne

Umpqua cruises into Hawthorne

| Print |  Email
The Latest
Thursday, December 23, 2010

By Corey Paul

Umpqua Bank opened its newest location today on SE Hawthorne Boulevard, a branch styled as a folksy hangout to further the bank's goal of embedding in Portland neighborhoods. This is the first of five "stores" that Umpqua plans to build through 2011, an expansion by 25% within the metro area for Oregon's dominant regional bank.

Inside the new Hawthorne branch, customers can enjoy coffee and tea and use free wireless Internet. A digital screen similar to a giant iPad displays neighborhood statistics and highlights events at the bank and local merchants.

Umpqua had seven store-styled branches before Hawthorne and had its eye on opening more in main Portland locations for years before this year presented a favorable real-estate price, says Lani Hayward, executive vice president of creative strategies.

"We like being in them because there is obviously a good mix of the residential — people that are passionate about their neighborhood — and the small businesses that support it," Hayward says.

Startup costs for the neighborhood store models are about half the cost of their more common "New Generation" branches, such as the branch in Portland's Pearl District. They're smaller too: about 1,800 square feet compared to 3,000.

Umpqua can can launch a store-style branch in about 45 days after receiving the necessary permits. The profits typically roll in within a year.

The guinea pig of the small-store concept dates back to 1995 in Umpqua's hometown of Roseburg. Workers there decided to re-imagine the branch as a retail store and discourage the idea of banking as a chore.

Though it favors a small-town boutique aesthetic, Umpqua, on balance, has become huge by regional bank standards. Today's opening marked its 184th location in four states. Umpqua's total assets are about $12 billion, and it eclipsed JP Morgan Chase this year as the fourth-largest bank in Oregon by deposits. The bank employs more than 2,000 people.

Earlier this year, Umpqua acquired two failed banks in Washington. It announced that it would refurbish 19 branches while building six new ones. Hayward pointed to one of the first of those new banks on Seattle's Capitol Hill as an example of the early success Umpqua sees introducing its community-friendly approach. Within four days of opening that branch on Dec. 8, the bank saw $500,000 in deposits.

"We always see the deposits and the retention goes up after those acquisitions occur," Hayward says. "So that tells us it is working and working quickly."

Corey Paul is an associate writer for Oregon Business.

 

More Articles

The clean fuels opportunity

News
Monday, November 10, 2014
111014-dirtyfuel-thumbBY KIM MOORE | OB RESEARCH EDITOR

A market for low-carbon transportation fuels has a chance to flourish in Oregon if regulators adopt the second phase of the state’s Clean Fuels Program.


Read more...

Growing a mobility cluster

News
Friday, October 31, 2014
0414 bikes bd2f6052BY LINDA BAKER | OB EDITOR

Why are there so few transportation startups in Portland?  The city’s leadership in bike, transit and pedestrian transportation has been well-documented.  But that was then — when government and nonprofits paved the way for a new, less auto centric way of life.


Read more...

Healthcare pullback

News
Thursday, November 20, 2014
112014-boehnercare-thumbBY JASON NORRIS | OB CONTRIBUTOR

Each month for Oregon Business, we assess factors that are shaping current capital market activity—and what they mean to investors. Here we take a look at two major developments regarding possible rollbacks of the Affordable Care Act (ACA).


Read more...

Healthcare Perspective

November/December 2014
Wednesday, October 22, 2014
BY KIM MOORE

A conversation with Majd El-Azma, president and CEO of LifeWise Health Plan of Oregon, followed by the Healthcare Powerlist.


Read more...

Fly Zone

November/December 2014
Wednesday, October 22, 2014
BY JOE ROJAS-BURKE

The black soldier fly’s larvae are among the most ravenous and least picky eaters on earth.


Read more...

Revenge Forestry

November/December 2014
Tuesday, October 14, 2014
BY JONATHAN FROCHTZWAJG

A flare-up in the Elliott Forest raises questions about détente in Oregon’s timber wars.


Read more...

The short list: 5 companies making a mint off kale

The Latest
Thursday, November 20, 2014
kale-thumbnailBY OB STAFF

Farmers, grocery stores and food processors cash in on kale.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS