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Article Excerpt
Umpqua Holdings Corporation , parent company of Umpqua Bank and Strand, Atkinson, Williams & York, Inc., and California-based Humboldt Bancorp announced today the signing of a definitive agreement for Umpqua Holdings Corporation to acquire Humboldt Bancorp and its principal operating subsidiary Humboldt Bank, including Humboldt Bank's Capitol Valley Bank, Feather River State Bank and Tehama Bank divisions, by merger. The agreement provides for Humboldt shareholders to receive one share of Umpqua common stock for each share of Humboldt common stock, giving the acquisition a total value of approximately $340 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030917/SFW078LOGO Photo: http://www.newscom.com/cgi-bin/prnh/20040315/NYM047 )
Upon completion of the merger, all Humboldt branches will operate under the Umpqua Bank name. The merger will add Humboldt Bancorp's complete network of 27 Northern California sales and service centers, including locations in the Eureka, Redding, Yuba City, Roseville and Chico areas, to Umpqua Bank's network of 64 Oregon and Southwest Washington based locations. Ray Davis will continue to lead the combined organizations as President and CEO of Umpqua Holdings Corporation. Robert M. Daugherty, president and CEO of Humboldt Bancorp, will serve as president of Umpqua Bank's California operations upon completion of the merger.
"Our long-term...
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