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 solution to youth unemployment

News
Thursday, February 27, 2014
02.27.14 Thumbnail TeenworkBY ERIC FRUITS

Because they have little chance of working for someone else, today’s teens need to be entrepreneurs. But, first, we must teach our teens that entrepreneurship starts small.


Read more...

Car ignition recalls and lean product design

Contributed Blogs
Friday, April 11, 2014
04.11.14 thumb gm-gettyTOM COX | OB BLOGGER

The auto industry is starting to share more costs across manufacturers for complex and challenging design work, like new transmission design, and certain new engine technologies. What we’re not yet seeing is wholesale outsourcing of “unavoidable waste” components to specialist companies.


Read more...

Spring thaw

News
Thursday, April 17, 2014
Spring ThawBY JASON NORRIS | OB BLOGGER

The “polar vortex” of 2014 seems to have finally thawed and we believe this change in weather will bring more sunshine to the U.S. economy as well.


Read more...

Banishing oil burners reaps benefits for schools

News
Tuesday, April 01, 2014
04.02.14 thumb co2schoolsBY APRIL STREETER | OB CONTRIBUTOR

Three years ago, PPS set out to begin to convert the 1930s-era boilers from diesel/bunker fuel to cleaner-burning natural gas. Oregon’s largest school district has realized impressive carbon dioxide emissions reductions, setting an example for public and private institutions.


Read more...

Powerlist: Meeting perspectives

March 2014
Tuesday, February 25, 2014

BY BRANDON SAWYER

A conversation about the event-planning industry with sales directors from McMenamins and the Portland Art Museum. 


Read more...

The 2014 List: The Top 33 Large Companies to Work, For in Oregon

March 2014
Thursday, February 27, 2014

100best14logoWebOur 100 Best Companies project turned 21 this year, so pop open the Champagne. Our latest survey gives us plenty to cheer.

 


Read more...

On fire

March 2014
Tuesday, February 25, 2014
BY JESSICA RIDGWAY

A self-proclaimed “chile head,” John Ford “grows, eats and does everything spicy.” 


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