Sponsored by Oregon Business

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

Photos: 100 Best Nonprofits to Work For in Oregon awards dinner

The Latest
Thursday, October 01, 2015
100best202thumbPHOTOS BY JASON E. KAPLAN

Images from the big 2015 celebration of worker-friendly organizations that make a difference.


Adjusting to the New Economy

October 2015
Monday, September 28, 2015

A conversation with Jonathan Bennett, managing partner at law firm Dunn Carney Allen Higgins & Tongue.


The death and life of American cities

Linda Baker
Monday, November 02, 2015
housingoldpdx thumbBY LINDA BAKER

The hollowing out of the American city is now a bona fide cultural meme.  Newspapers, magazines and digital media sites are publishing story after story about the morphing of urban grit and diversity into bastions of wealth and commodity culture.


Downtime with Barry Cain

November/December 2015
Wednesday, October 28, 2015

Live, work, play with the president of Gramor Development.


The cover story

Linda Baker
Thursday, November 12, 2015

I walked off the Vigor Industrial shipyard that day with a clear cover line in mind: the Love Boat.


Hot Topics/Cool Talks: Tinker, Tailor, Portland Maker

The Latest
Friday, November 20, 2015



The God complex

Linda Baker
Wednesday, September 30, 2015
093015-zydellren-thumbBY LINDA BAKER | EDITOR

The media coverage about Pope Francis must have put me in a Biblical frame of mind. Because after touring the latest phase of the South Waterfront development, a mind boggling 1.5 million square feet of office and retail space that will spring up north of the aerial tram over the next few years, I couldn’t stop thinking about the massive project as a modern day creation story.

Oregon Business magazinetitle-sponsored-links-02