Umpqua, Sterling Financial Complete Merger

(RTTNews) - Umpqua Holdings Corp. (UMPQ) and Sterling Financial Corp. announced the completion of their merger. The combined company will operate as Umpqua Holdings Corporation and conduct banking operations under the Umpqua Bank name and brand.

Umpqua now has approximately $22 billion in assets, $15 billion in loans and $16 billion in deposits, with 5,000 associates and 394 stores across five states - Oregon, Washington, Idaho, California and Nevada. Ray Davis will continue to lead Umpqua Holdings Corporation as president and CEO.

Sterling shareholders will receive 1.671 shares of Umpqua common stock and $2.18 cash for each share of Sterling common stock. The total value of the Sterling merger consideration, based on the closing price of Umpqua shares on April 17, 2014 of $18.58, is $33.23 per share.

Existing shareholders of Umpqua are expected to own approximately 51% of the outstanding shares of the combined company at closing, and Sterling shareholders are expected to own approximately 49%.